Money Tips for Expatriates or OFW

Many expatriates or OFW in particular forget to save money when they are already working abroad. In the Philippines there is a seminar from PDOS before leaving to work abroad. The main topic of the seminar is about how to save money while working away from the Philippines away from their family. But most of the expatriates return home only to realize that they are still poor and even poorer before they went abroad. One of the reasons of this is that the OFW forgot to save while away working hard in foreign land. Some were tempted to spent too much money more than what they were earning by buying unimportant things like electronics gadget, gambling, going to nightclubs and even forget their family in the Philippines and even make their own new family abroad.

If you are working abroad you will encounter many trials and hardship, loneliness that will ruin your plan and dream. My advice is to have a constant communication to your family in the Philippines. Make concrete plan and save money for your future in the Philippines.

Here are some money tips for Expatriates or OFW:

1.0 Know what your monthly income and assess if you could invest on something in your country of origin. Maybe you could buy a house or condo unit. Real Estate is a good investment because it appreciates its value faster than other form of investment. It is also a pride to have a house which is the product of your hard work.

2.0 As an ofw you will see many appliances that you could not afford before to buy. Tighten your belt and go for longer gratification by saving and investing your money. You can invest in government securities and mutual fund too. Another thing to avoid buying cars, watches that are very expensive. Just say no to these temptation.

3.0 Spend your money wisely. Always remember that you have a goal to fulfill. Do not change your lifestyle like when you are earning small amount of money when you are in the Philippines.

4.0 If you think that your wife is not a good saver then do not send all your money but just send money for their monthly budget. Do not let your dependent in the waste your hard earn money.

5.0 Tell your wife about your plan or you should update them about your present money status and your future plan so that they will understand to avoid problem.

For more money tips read Earn and Invest Money in my other blog.

Read More

Sponsor Links:

Venus Raj Rigid Training

In preparation for the incoming Miss Universe Pageant, Venus Raj is now busy with her training like catwalk, answering question and even projection. After the storm she will now be ready to fight come August 23 in Las Vegas, Nevada and even Manny Pacman gave her some encouragement and to trust God above all.

Here is the article from ABS-CBN.Com
MANILA, Philippines – This year’s Binibining Pilipinas-Universe Venus Raj has undergone rigorous training for the prestigious Miss Universe 2010 pageant next month in Las Vegas.

Venus Raj, along with 2010 Binibining Pilipinas-World Czarina Gatbonton, 1st runner-up Diane Necio and 2nd runner-up Nicolette Henson, underwent trainings almost every day for several weeks

The training of the Filipino-Indian beauty from Camarines Sur included perfecting her walk on stage.

Raj’s posture and the movements of her head and hands as well as her smile were scrutinized by her trainers. She was also told that is important to make an eye contact with the judges and photographers of the pageant.

A mock question-and-answer portion, complete with panel of judges, were also held as part of Raj’s preparations. She made to undergo drama training to develop her self-confidence.

She also watched previous Miss Universe competitions to study the movements of the finalists.

Raj will fly to Las Vegas without her coach and family.

Venus Raj who fought back to regain her crown said her mom, who is in Camarines Sur, told her that she is proud of her, and that she will pray for her victory.

Other Bb Pilipinas winners, meantime, expressed their support to Raj.

The 2010 Miss Universe Coronation Night will be held at the Mandalay Bay Resort & Casino, Mandalay Bay Events Center on August 23, Monday.

The pageant will be aired live on ABS-CBN Channel 2 on August 24, Tuesday.

Raj will reportedly fly to the US on Sunday. –Report from Dyan Castillejo, ABS-CBN News

Read More

Sponsor Links:

OFW Should Save and Invest

Many OFWs including myself are working hard in a far away land in order to earn more money and hope that someday we can start a new life in the Philippines with business or savings but I think only few people will realize their dream. Why is it that it is hard to do it?

When I was young it seems to me that saving money is very easy but now I have a hard time doing it. Mulling myself I realized that many things has changed since I was a toddler living in our province with simple life and simple things around. Now the world is full of many unnecessary things that are widely promoted by media. Ads are there to persuade people to buy. In short you could not save and invest because life today is about receiving salary if you are employed and buying things which are not important. If only everyone could go back to simple life, I think they can save money and start a business of their own.

As an OFW or Oversea Filipino Worker, it is hard for us to save money because there are lots of temptation like buying jewelries, electronic gadget and the pride of being an OFW that when spending a vacation, many relatives and friends are expecting us to shower a party and lend money without paying in return. But I think it is not too late not to save money today. You just need to stand and be reasonable. The hard part is when you start saving money. Many people don't save money because of many unreasonable reasons like I have a small monthly salary, I will save later, my wife is working too and she has a retirement plan and so on. My question is when are you going to start saving money?

My answer is now and stop buying those unnecessary things that you don't really need. You have to identify the asset from liabilities. What are these two things? Assets are things that when you buy they can give you more money like real estate, business and retirement plan. You need to study these things too before you buy. Liabilities are things that do not generate money for you like luxury car, expensive cellphone, laptop, very big house. These things that I mentioned in fact will need more money for maintenance.

Start saving by paying yourself first. What is this means? You have to set aside 10% of your gross monthly income. If you could not do it with 10%, start with 5% and readjust it later to higher percent value when you feel comfortable. By the way don't wait for that comfortable moment to come! It is not bad to enjoy your money because you earned it but let us not forget that you are not only living for today so you have to save and invest because as you go older you will have a hard time to cope up. Employment is shaky, it is not a secured source of income. What if you get fire? There are many younger people who can do with your job but are willing to accept low salary.

There are so many things to cover with this topic but I discussed here the basic of financial freedom. Start saving now and invest your money. Do not rely others for your future. Start today and as OFW we should save and invest.

Read More

Sponsor Links: