Lucio Tan’s 8 Secrets to a Happy Life originally appeared at Inquirer.net. It is very timely considering the difficulties we face today. A lot of people know that Lucio Tan had humble beginnings before he became a tycoon. Let’s learn from this successful businessman and who knows? We might be next. Below each principle are my own personal reflections.
1. Work hard to achieve your dreams.
There really are no shortcuts in life. How many of those who won the lottery really made good use of their money? Only a few I’m sure. Something that is not earned the hard way is lost easily. But something which you have worked hard for is valued and protected for life.
2. Take every opportunity, masama o mabuti, as an opportunity to learn and grow.
My personal financial insecurity is being compounded by the economic crisis the country is facing. It’s really difficult and it magnifies my shortcomings. I have made wrong decisions in the past that costs me money. However, I’d like to take this time as an opportunity for me to learn from my mistakes and never do them again. Pessimism has no place in my vocabulary. Though I get depressed at times, I always try to look at things positively. Hey, I’m alive! Good health is the only wealth I need. All others are easy to find.
3. Lead a simple life. Do not live beyond your means.
My lifestyle is really simple. I live in the province so I don’t have vices that come with living in the big city. But I have a poor financial habit and I do get to spend beyond my means. There’s still time for me to correct this no matter how hard. Commercialism is everywhere and we always fall prey to it we don’t have the discipline to prioritize our needs before our wants.
4. Do away with the very bad Filipino attitude of living on credit, or spending today, earning money tomorrow.
I’m guilty as charged. Credit card debts are the culprit of my financial troubles. I’m broke in the truest sense of the word. I’m working hard right now to undone this bad habit.
5. Be matipid; teach the kids the value of saving money and using money wisely.
Choose value over form, that’s what I always tell myself now. Don’t buy things that you don’t actually need. Pay yourself first by saving and spend what’s left. I noticed that as my income increase so does my expenses. I just wished I was taught that when I was a kid.
I envy my niece who’s only 11 years old. She learned to be entrepreneurial at a young age by tending their sari-sari store. Last summer she said she wanted to sell ice candy in the neighborhood so she asked me for P20 for her capital. I told her she may not enjoy her vacation that way. She replied she won’t mind and she needed money to buy the school bag that she wants. After a month her P20 became P200.
6. Make sure to pay your debts.
I pay my debts diligently. No matter how tempted I am to default on my payments I still pay because I believe it’s my obligation. We should always try to maintain a good credit standing. Banks and credit card companies maintain a database and you don’t want your name on the list of delinquent accounts. They will come to haunt you someday.
7. Don’t betray other people’s trust.
Trust when broken is hard to regain. There are people who will do business with you out of trust. You can always bank on a good name.
8. Take care of your parents, your other elders.
A big part of my expenses right now goes to parental support. I have no regrets for they deserve it. Imagine the troubles they went through taking care of you and supporting you. I don’t mind the discomfort if it means my parents live comfortably.
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i really inspired lucio tan of how he become sucess