The citizens of China are recognized worldwide as savers.
That's right, the Chinese are not afraid of success, and throughout their lives they save a large part of their income.
The reason? They're aware that the pension system and support from the state is in decline.
The simple truth is that this is not a new issue, -even worse-, it doesn't even take us by surprise because retirement in the US is also in bad shape.
But hey… there's a reason to start, right?
Here we leave you an action plan that'll make it clear to you that being “foresighted” is cool.
They pay promptly
The Chinese are not like Americans that take a lot of time to live debt-free. They don't go so far as to hide from the bank, and it's very rare for them to borrow money from a banking institution.
Chinese advice: "If they lend you money, you have the obligation to pay promptly without excuses."
Without fear of change
There is a Chinese proverb that says if something doesn't add up, don't let it subtract.
Chinese wisdom invites you to look for opportunities out there and not wait for things to come to your door. One has to channel that change that we need.
They don't make excuses
Here are the most common phrases that every American has said when hearing the word: “savings”.
-Yes I would like but oops nooo, I have many expenses
-Look, I don't have any money.
-Not right now young man, call later
-I am interested, but it's complicated
-I have a lot of debts
Chinese culture focuses on making the most of time and taking things very seriously when it comes to saving.
“What you harvest today, you will get multiplied tomorrow”
They save money 24/7
They don't apply so much the rule of 50, 30, 20 (a technique widely used in the US), but rather:
They allocate a large part of their salary to savings. They don't have a specific percentage, they simply use a part of their income for general expenses and the other part goes to savings.
They are also bargain hunters.
A super important point also about the Chinese is that they're always looking for “saving opportunities”. For example: buying second-hand clothes.
Every time they can, they look for promotions. And look for replicas of the objects they want to buy.
Golden rule: They set a budget to spend and do not exceed it for anything in the world.
They apply the “work hard or go home”
For the Chinese, the result of your success will be measured by the sum of your effort.
Don't become dependent on banks.
More cash payment vs less card payment (you'll spend less).
Invest the money you've saved.
Create your own business.
Negotiate.
Always look to the future.
All these tips remind us that it isn't bad (from time to time) to adapt the Chinese philosophy to our American customs.
Now let's think: if China is the country with the highest savings rate in the world, it's because they are doing something right, don't you think?
Article translated by Rodolfo Schaefer
