MANILA - This holiday season, financial planners urged Filipino consumers to invest instead of buying an iPhone 8 or an iPhone X.
In the Philippine an iPhone X retails from P78,000 to P98,000 from authorized resellers, a price considered hefty by most Filipino consumers. Yet many still aspire to get their hands on the latest Apple-made mobile device.
But it's better to invest in oneself instead of the instant gratification a person could get from buying the iPhone X, said Genecia Alloura Luo, founder of Soul Rich Woman, an online platform that offers business mentorship for women entrepreneurs.
“Use this money to find a mentor, find a good program, a good network and a good platform so that you can invest in yourself, because investing in yourself you'll know that the future is secure," Luo told ANC's "On the Money."
Online financial guru Chan Peng Joon noted that consumerism is the problem.
"That’s what makes people stuck. They are making their money and they’re spending it on stuff to impress people that they don’t even like and stuff they don’t really need in the first place. That’s the problem," Joon said.
Instead of buying things, Joon believes that investing in oneself "is the best investment one can make."
Meanwhile, some encourage consumers to split and allocate their money with investments still part of the pie.
When asked, Sun Life Asset Management Company Inc.'s chief operating officer Valerie Pama said she would split the money on gifts, donations and investments.