Month: November 2019

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How to Start a Business While Working As An OFW

In 2007, I went abroad together with my then fiancee (now my wife) to work as IT consultant in Malaysia. My main goal for working abroad then was to save up for our wedding. After 1 year of working we saved enough and were able to get married.

Unfortunately for us, we were also in the middle of recession. It’s 2008. There were mass layoffs all over the world. Working in a bank, our company was no exception. Our friends were let go in a snap of a finger.

One day, one of the bosses asked my officemate for a minute to speak with her. When she came back, she was visibly shaken. Soon after she was already packing her things. She was just fired. It was after all a recession.

When there is a recession nobody is immune to geting fired.
Even if you are the best employee and you just got promoted.
You cannot do anything if the whole department or even the whole office in your country is laid off.

The next few days (weeks and months) was pure terror for us OFWs. I can remember the feeling of UNCERTAINTY. The feeling of not knowing whether it would be your turn next is the worst feeling in the world. Getting fired is one thing, but becoming suddenly unemployed overseas is a disaster. Sleepless nights. Stress. Lots of stress.

For many people, this uncertainty is even more brutal. There are Filipinos overseas who are not documented. They were supposed to work as caregivers only to end up working as a domestic helper. Not that there’s any shame in that. It’s just that they are more at risk for abuse from their employers due to them being undocumented. You can only imagine having your worries and stress shoot up 100x!

Fortunately, the dust soon settled. The company was able to endure the storm. My wife even got absorbed by the company. Our contract was renewed for another year.

Everything was back to normal again.
But experiencing something like that wakes you up llike nothing can.
From that day onwards I promised myself to never put myself in a position like that ever again.

That I would do everything in my power to put myself where no one can suddenly turn off my main source of income. That’s when I started to explore the world of business and entrepreneurship with an extra vigor.

Fortunately, I was able to make it. I want to tell you there is a better way. It can be done. There is help on the other end when you finally decide to change your situation.

They say OFWs are the new heroes. They keep our economy afloat. They remit $2.5 to $2.9 Billion every month. They are the main drivers of our economy, apart from BPO, Electronics exports, Agriculture, the BUILD BUILD BUILD infrastructure spending by the government and of course, our Taxes.

Today, I want to salute the millions of Filipinos working away from their families. It is no easy task, sacrificing every moment away from your loved ones. That’s the price you are paying (and more.) With that sacrifice you are able to send money (and gifts) to your family back home, especially during Christmas season.

I won’t make you cry anymore by sending you a link to the Coca Cola commercial featuring former OFWs who went home for Christmas. Please don’t torture yourself by googling it or going to youtube and watching that video. It’s too personal. Please don’t. You might end up crying the whole night.

I know because I cried when I watched it.
Just know that your family back home miss you so much too. One day, it will soon get better.
There are just so many great things and stories of people who were able to make it.
Perhaps, one day your story will be next.

In the meantime, here are some of my ideas and thoughts that might help you get closer to your dream
of coming back home for good. You can put up a business while working. Or set yourself up so that the transition back home will be as smooth as possible.

A few months ago, I did a VLOG series dedicated to OFWs. This was after doing a 3-day training and workshop on Financial Literacy and How to build a sustainable business to our associates there. Everytime I meet an OFW, my heart bleeds for them. It’s not an easy journey they are taking.

If you are an OFW, I encourage you to watch these videos. Or if you have a family who’s working abroad as an OFW, you can forward this to them. I also have great news for you and free gift I’d like to give you and your family and friends.

Vlog #14. USAPANG OFW Series – Bakit Maraming Naga-abroad na Pinoy

Vlog #15. USAPANG OFW Series: Negosyo Para Sa Mga OFW o Pinoy Na Nasa Abroad
Vlog #16. USAPANG OFW Series – Paano Mag-ipon Ng Mabilis As OFW?
Vlog #17. USAPANG OFW Series: Best Investment Tips Para Sa Mga OFW

Vlog #18. USAPANG OFW Series: OFW Business Ideas – Why Do OFWs Fail in Business?

When I was working abroad, I was so eager to learn more about how I can do business. On weekends, I would go to the bookstore, and read through many business books. Then I would hear some seminars in the Philippines, but unfortunately because of the distance I could not attend, even if I badly wanted to.

Fortunately for me, the Truly Rich Club was launched around that time. It gave me a way to avail of the seminars and learn about business while still working abroad. I was one of the first to enroll. I would eagerly wait for the package (which consisted of some VCDs and audio CDs.) I would listen to it day and night. The rest, as most people would say is history. I can’t even imagine to describe to you how different my story would have been if not for the Truly Rich Club. In fact, this blog would not be where it is today if not for that seamingly simple decision to try it back then.

If you want to avail the same thing, you can CLICK HERE.

In the spirit of transparency, please note that I am an affiliate of the Truly Rich Club. I may earn a little income whenever someone buys anything through the link I provided. If you do sign-up, I would like to say my personal thank you in advance. Drop me a message here and I’ll send you a free gift.

Your simple action helps me support this blog because it does take away some time from me instead of putting the time and resources into other businesses. Unlike other blogs which earn from advertising, this blog is 100% fully supported by my other businesses (and affiliate income from products I highly recommend.)

It’s been 12 years running this blog, thanks to those who have supported me along the way through my businesses. Who would ever thought this blog would stand the test of time?

Also, as my way of saying thank you to all of you my OFW readers (as well as families and friends of my fellow OFWs), here’s another gift just for you.

Simply click here or go to http://bit.ly/OFS2019FreeGiftAllan to claim your free gift.

You will receive a free copy of Sha Nacino’s book “My Money and Me” in e-book format. The hard copy of the book is being sold at around P350 in National Bookstore and at The Feast. Another book is from her brother March Nacino titled “How to work from Anywhere” which I feel is a good fit also for OFWs.

Sha is a very good friend of mine. We met in real-estate as part of a group of aspiring investors back in 2009. We have since moved on to other ventures but I feel what Sha offers is something I can definitely recommed.

In the spirt of total disclosure, please note that these gifts are part of the Overseas Filipinos Summit project of Sha which I am also an affiliate for. Know that I may earn a little income should you decide to buy anything using the link I provided. But if you decide to not buy anything and simply avail of the FREE gifts, that’s perfectly ok as well. 🙂

That’s it for now. Do you have a specific topic or question as an OFW? Simply hit the reply button (if you are receiving this through email) or contact me here. I might feature you in my next article or vlog.

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7 Credit Card Fees You Need to Manage

Note: In an effort to help you in the area of getting out of debt, this is a guest post from Ricky of Moneymax.ph. There is nothing more frustrating than receiving your credit card statement and seeing a fee that you are not aware of. You feel like being robbed in daylight. In the same way that ignorance of the law excuses no one, making yourself become aware of these fees is a significant step in protecting yourself. Awareness is the first step in taking control of your finances. Read on and enjoy.

7 Credit Card Fees You Need to Manage

By Ricky Publico

It’s a great feeling once you receive your first credit card. But before you go on a swiping spree, take the time to actually understand how a credit card works. For one, using a credit card means spending money you currently don’t have, which also means you will eventually pay for the items you bought.

More importantly, there are credit card fees you should watch out for. Aside from your monthly credit card bill, you have to take note of these fees and learn how to manage them. Taking note of these fees will also help you choose the right credit card for you.

Annual Fee

The annual fee is basically the membership fee you are required to pay for owning a credit card. It usually goes from an affordable PHP 300 to an extravagant PHP 12,000, depending on the type of credit card you have. Premium cards typically have higher annual fees while standard cards typically don’t reach PHP 500, so pick your card wisely.

There are also banks that offer credit cards with no annual fee, either for the first year or for life. Try applying for these banks so you can have one less credit card expense to worry about. If it can’t be helped, opt for a credit card with a lower annual fee or a bank that waives their annual fees for clients with good credit standing. Ask your current bank if they have such an offer.

Cash Advance Fee

Did you know that you can also withdraw money using a credit card? It’s helpful when it comes to emergencies, but it also comes with a price. Cash advance fees usually go from PHP 300 to PHP 600, or 2 percent to 5 percent of the amount borrowed, whichever is higher.

As much as possible, minimize your cash advances. Since this fee doesn’t have a grace period, your bill will continue to accumulate if you don’t manage it properly. If you took out a cash advance, make sure to pay it back in full to avoid snowballing the interest.

Late Payment Fee

As an incentive for cardholders to pay their credit card bills on time, banks began charging a fee for late payments. It usually ranges from PHP 300 to PHP 850, depending on the bank. The late payment fee will then be added to your next bill.

Avoid paying a late payment fee by paying your bills on time. It’s also better if you pay your monthly balance in full, not just the minimum amount due. That’s also another thing about credit cards: you can pay the minimum amount instead of the entire monthly balance. Do the former to avoid further debt.

Balance Transfer Fee

If you’re having trouble paying off your credit card debt, you can choose to apply for a credit card balance transfer. This involves transferring the balance of your old credit card to a new one with a lower interest rate. This makes it easier to pay off your credit card debt. The transfer itself comes with its own fee, ranging from PHP 100 to PHP 250 per approved transfer.

Overlimit Fee

Credit cards come with credit limits, or the amount of money you’re allowed to borrow from your credit card provider during a billing period. Once you go over the limit, they will charge you with an additional fee, usually ranging from PHP 300 to PHP 750 for every overlimit.

Foreign Currency Transaction Fee

You can use your credit card when traveling abroad, but there will be a foreign currency transaction fee worth 0.85 percent to 3.525 percent of the amount spent converted to PHP. Fortunately, there are credit cards with no foreign currency fees. It is advisable to get this type of credit card if you travel a lot.

Pre-Termination Fee

If you can pay back your credit card debt before your loan term ends, that’s great! Just take note of the installment pre-termination fee ranging from PHP 300 to PHP 500 or 2-5% of the remaining balance, whichever is higher. The fee might be a bit steep, but paying for it and freeing yourself from debt is way better than finishing the installment plan.

Hopefully, this list of credit card fees can help you manage your credit card habits. A good rule of thumb is to not swipe on something you can’t afford with cash, so always give every swipe some thought.

Author’s Bio: Ricky Publico is a content writer at Moneymax. Save money on car insurance, credit cards, and loans when you compare and apply at www.moneymax.ph! Visit Moneymax to know more.

 

 

 

 

 

CREDITS: Photo by Ryan Born on Unsplash

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Uncategorized

Survey says…I was surprised to find this out

Last month, I sent out an email to all my subscribers asking for help in a little survey for this blog. I wanted to get to know more of you, my dear readers and how I can help you better.

First of all, THANK YOU to all those who answered the short survey. I appreciate all of you taking some time to give me your inputs inspite of your busy schedule. That’s why I made sure to spend even greater effort in reading each one of your responses individually.

Today, I’d like to share a bit of what I learned from the survey. Obviously, I won’t go into each and every response but will speak in general terms instead.

One thing that surprised me most was that majority of you reading this blog are currently employed full-time (83%.) Only a few are running their own business/es full-time. This came quite a surprise for me because I have been out of the corporate world for more than 8 years. I thought I would attract people who are in a similar situtation as mine. I was mistaken.

With this information, I realized that I will need to focus on topics that are more relevant to your situation. Perhaps, give tips on how to manage your time (and family) while building a business on the side, or what businesses you can start while being employed at the same time, and more.

With that in mind, I’m sharing you here a few of my youtube videos on these same topics. Each one is about 10-minutes long in Taglish (Tagalog-English). My hope is that it gives you a glimpse on how it is to shift your way from being an employee to that of an entrepreneur, or be able to do both at the same time. By the way, if you are not yet subscribed to my youtube channel. You can click the subscribe button and the notification bell while you’re at it so you’ll be first to be notified of future videos.

Vlog #19 Employee vs Entrepreneur Mindset
Vlog #20 Employee vs Entrepreneur Time (Task) Management
Vlog #21 Employee vs Entrepreneur Papaano Magnegosyo Kahit Empleyado Ka
Vlog #22 Employee vs Entrepreneur How to Upgrade Your Psychological Wallet
Vlog #23 Employee vs Entrepreneur Usapang Time Freedom
Vlog #24 Employee vs Entrepreneur Usapang Passive Income

As for financial goals, most of you would like to start a side hustle (38%) and get out of debt (38%.)
This information helps me re-direct my focus in talking about topics related to getting out of debt and starting a side hustle, or feature stories of people who were able to manage to do the same. I already have a few ideas in mind on how to go about this, but if you have some suggestions for specific questions or topics you want me to start with, feel free to contact me.

There are many more things that I learned from your stories and inputs. I wish we had more time and space to talk more about it. But there will be a time for that. We are just beggining.

Again, I would like to say my deepest thanks for helping me with the survey. Thank YOU very much for helping me give a direction to this blog.

Cheers to your financial success!

Your friend,
Allan

P.S. If you’re looking to start a side hustle, you can visit Bo Sanchez’ 4-part video series at www.hustleseries.com As an attendee of The Feast Bay Area AM Session under Bro Audee Villaranza, I was able to attend a couple of sessions from the series. The link contains BONUS videos on top of the main talks. You will be asked to enter your First Name and Email to watch the videos. May the videos bless your financial life.

P.P.S. CREDITS: Photo by Garrhet Sampson on Unsplash