MAY mga kamag-anak ba kayong mga OFW? Gusto mo ba silang maka-IPON at makabalik na for good?
PLEASE READ ON!
This is my second part of my series dedicated to our kababayans na OFW in every part of the world. Being an OFW entails a lot of sacrifice – time away from your loved ones, working longer hours even if you’re already tired, living under difficult and uncomfortable conditions in order to save money, and sometimes putting aside an opportunity to go home so you can use your money for family expenses instead.
This is a real-life story of OFW I met in HK. Let us just hide her under the name of TITA LITA. She worked for her boss for over 20 years and hardly went home because she was sending money instead of buying a plane ticket.
One day, she received a long distance call and informed her that her ailing dad died. She asked permission from her boss but the boss refused to grant her permission because they are taking a vacation and no one is going to feed the dog.
She can’t leave since the passport was in the possession of the owner. She was crying and I witnessed how TITA LITA felt the feeling helplessness and hopelessness. To cut the long story short, her father was buried without her presence.
This is only one of the many sad stories in a life of an OFW. That is the reason why it has been my passion to help Pinoys to become WEALTHY and DEBT-FREE. A lot of OFWs are really earning but the sad part is they do not really know how to start growing their money once their income starts to come in consistently.
The ultimate goal is always to be able to provide a comfortable life for loved ones by sending the children to good schools, buying a home, and making sure that there is always food on the table.
However, not all OFWs are prepared for the inevitable – death, disease, and family tragedies. These realities often drain families of their hard earned money. When this takes place, you find yourself having to start all over again.
You are a modern day hero! And because you worked so hard to earn your dollars, it is vital that you are equipped with basic skills to grow and protect your money.
Here are three simple-to-apply finance principles that will help you save your hard earned dollars:
- HAVE A BUDGET
Prioritize your NEEDS and that of your family first – food, clothing, shelter, education, and payment for utilities. Anything outside of these things is considered a WANT. Do not OVERSPEND. Always stick to your allotted budget. You cannot spend the money that you do not have. This is a discipline that generates long-term fruits when mastered.
CONSEQUENCE IF WE DON’T HAVE ONE:
If we do not have a budget, we will overspend. Once we overspend, we will be force make both ends meet. In order for it to meet, most resort to borrowing.
- BUILD A HABIT OF SAVING FIRST
Make it a habit to set aside a portion of your income as SAVINGS. Commit to only use that money in what it’s intended for. Be a wise modern day hero! Always save for a rainy day.
CONSEQUENCE IF WE DON’T HAVE ONE:
We will not have any emergency fund in case we need one. If we live from a month to month basis. The moment something unexpected happens it will immediately destroy our current budget and we will be force to borrow again.
- LEARN HOW TO INVEST
We need to not only save our money but we should also learn how to invest and make it grow. Our money in the bank is safe however it does not have the power to beat inflation since inflation rate is higher than the interest rate the bank offers per year. So we must be wise to make our money grow in other financial instruments.
CONSEQUENCE IF WE DON’T HAVE ONE:
The moment we stop working, we stop earning but the problem is we do not stop spending. Our family is only secure as our last paycheck. We do not want to grow old and broke when we retire.
Let us do our best to learn on how to do these 3 SIMPLE-TO-APPLY FINANCE PRINCIPLES THAT WILL HELP YOU SAVE YOUR HARD EARNED DOLLARS.
