For many Chinoys, money isn’t just about earning—it’s about discipline, purpose, and legacy. Registered Financial Planner Edmund Lao learned this firsthand from his grandmother, a shrewd businesswoman who built wealth not through luck or shortcuts, but through deliberate, time-tested habits.
“She saved 90% of her income,” Lao shares. “From every peso she earned, she only spent 10 centavos.” That extreme frugality, paired with strong business sense, allowed her to leave behind gold bars—not just memories—when she passed away.
The tradition of giving angpaos during Lunar New Year symbolizes blessings and prosperity. But for Chinoy families like Lao’s, wealth wasn’t handed down casually—it was taught, practiced, and earned. Here are six key money habits that define the Chinoy way of saving smart and living rich:
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Save aggressively—even when it seems excessive
Lao’s grandmother saved most of what she earned. Inspired by her, he saved 50% of his salary and 100% of his bonuses while he was still single. “The fastest way to build wealth is to build it slowly,” he says. No gimmicks—just discipline.
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Reject greed
Despite being the only store with in-demand goods, his grandmother never overcharged. Her focus? Fair pricing and repeat customers. “Greed is the highway to failure,” she taught—and Lao applied the same principle to earn client loyalty in business.
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Build your network
During the Japanese occupation, instead of retreating, his grandmother turned fear into opportunity, connecting with new clients. That lesson stuck: Lao credits networking as the reason his income surged in his sales career. “Your network really does define your net worth.”
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Spend only on what matters
Quality over quantity. Lao still wears clothes bought 20 years ago. For Chinoys, spending wisely isn’t being cheap—it’s being intentional. If it’s not a need or of long-term value, it can wait.
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Minimize overhead
Why rent two spaces when one will do? Lao’s grandmother lived above her store. Years later, Lao followed suit by running his business from home—cutting rent to boost profit.
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Let your money work
Saving is just the start. Reinvesting profits and earning interest through compounding were cornerstones of his grandmother’s strategy—and Lao now teaches his son the same. “Wealth grows when money earns for you, not just when you earn it.”
The takeaway
The Chinoy path to wealth isn’t loud or flashy. It’s built on values: discipline, frugality, fairness, and smart reinvestment. And in a world chasing quick wins, that quiet wisdom just might be the richest legacy of all.
