How old are you? And how much is your savings na?

[makie29]

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Payter kaau sir makie29!! Pa tudlo ko nimo beh? You're still in Philam Life until now dba?

Yes, naa gihapon ko sa Philam Life.

[rl]

i really like to invest stocks, patudlo ko 32 nako only have 200k savings huhu, usaon mani pag datu oi

[IPsuite]

OFW
age: 24
savings: 15k php
assets: iphone5, galaxy note 10.1, laptop
other income: 2 pesonet computer and a 30k investment.
liabilities: car loan 15k monthly for 5 yrs and a personal loan which i used to finance my job seeking abroad in which im currently paying 15k monthly also for 2 yrs. I have beem working for 8 months now and most of my salary is allocated to payment of debts. Im actually would like to stop the car loan which i assumed paying from my parents after i got a job and now the car is on standy by mode for my parents had their own car. I tried to convince my parents to stop the car loan (its under their name) but they adviced me just to continue it kay sayang daw. Gamiton nlng xd daw nila panagsa just in case abangan ang lain car. So, wala nlng xd ko namugos basim mahi-ubos nya sila. So plan nlng namo is to make it into a taxi pra naay income. My plan is to save for the franchise para ang kita sa taxi mao nlng ang e bayad monthly.

Some of my savings before were spend to other Life Exp investments like travelling to other neighboring countries. Since travelling is one of my aspiration, in a span of 5 months working ive visited Barcelona, HongKong and travel back home in Pinas kay gimingaw ko sa akong family and SO og nagpadentist kay dili mangwanta then mahal sa Norway. haha. Basically now, im back to zero. Anyways, im allowing my self to enjoy the first yr working and save religiously on the remaining years pra maka uli na sa pinas.

So my future plan is to invest in Mutual funds and Real estate. Hoping kayanan pa nako mag ofw kay pwerteng mingawa jd. Plano nko is to stay as OFW for 5 yrs, max 10 yrs. Goal is to be financially stable at 30. Then have an active business pra kalingawan when i returned to my dear Pinas.

Pasenxa if taas akong post, im just so quite occupied this times about finances, savings and investment.
What are your advice guys for young OFWs?

mao pud bya na akoang goal bro to retire after 10 years as OFW..pag plan nako ana kay single pako at age of 25..pero nausab ang tanan pag abot ug 10 years kay nag minyo pud ko....labi na naka amgo ug save sa dihang naa nay anak..so 24 paman ka ron, save save save gyud...after 10 years pwede naka ka retire..hehehe..goodluck..

[makie29]

i really like to invest stocks, patudlo ko 32 nako only have 200k savings huhu, usaon mani pag datu oi

You can start reading personal development books and DIY books about personal finance, entrepreneurship, and investing.
At least you have P200T to start with. Ang uban, wala gyud. Worse, ang uban maski awareness lang about saving, wala gyud.

[ashlerag88]

28.... ( P20k) jobless...... i invest in stocks and mutual funds...... source of fund? .... savings from all those years(student years & and after naka graduate)...... and i roll it.... wala pa kasuway og trabaho..... ngita napod ko lain source of income...... not as an employee.....

curious much.. how man u nagstart ug invest? where man u nag.invest p0ud?? pls share para pud naa mih maayong padulngan sa money.. hehehe

[quantuminplus]

..... i started sa FAMI(metrobank) Equity fund.... and got stocks.... for more info about MF and stocks.... naay threads for that... adto lang mo ask... kay lahi ang topic.....

[reginakrys]

Na intriga man ko sa mga posts diri.. My husband and I are both 25, working abroad, with one kid.. No assets, we're just renting a house, but naa mi savings gamay, more than $10k but my husband wants it that way para emergency fund daw in case nay ma hospital namo simbako. That money is just sitting there, waiting for rainy days, but I want to learn how to invest at least some of it and make it grow. I've been trying to read but so far libog pa. Would CitisecOnline be a good place to start para sa amo nga walay alamag ug experience pa ani?

[camzywinsy]

After reading makie23's post, I want to share my story too. My purpose is to inspire others. I also don't want to mention figures. I am 25 years old, female, single. I started working right after I graduated in 2008.

I am a nurse by profession and a lot of times I am always asked to the point of being embarrassed by people who think I'm a fool not to apply and go abroad. Even in that situation, I stood by my belief that no amount of salary outside the country can compensate for the time I will be spending with my loved ones if I choose to stay here. I am that close to my family and mind you, my family didn't mind but others remain to question why I can't sacrifice TIME while I am still young. So I worked hard and told myself I will prove my worth.

While working, I kept a small business and saved money enough to start the business with my bf. He was my constant support and he pushed me to excel in what I do so my deep gratitude to him. Little by little (every payday), I buy something out of my salary to complete the equipments we will need. The cash we saved from our prev small business was a start-up to pay the rent and build the store. My bf also worked for a few months and bought an appliance we need for the business. If you'll ask me if I was sure at that time of what we are doing, I would say no. I had doubts and a lot of what-ifs. My faith was far stronger than my fear and my doubts were overcome. With enough to run the business, our store opened last 2012 and it is still operating at the present time.

If I were to look back, it's true, what they always say, that starting is the most difficult part. Even until now, there are things we have not perfected. We are improving month after month. Challenges never stopped coming and each is a test, that when passed, will make you stronger.

So with the question how much is my savings? I'd say it's not a lot only because we invested on a second and hopefully this june a third store. But my assets are even more than those of my colleagues who have gone abroad. I already bought pre-need plans, bought a car (second hand ), have started a life insurance with investment and I have learned the art of saving too plus I help send my brother to college and take my siblings/parents out to dinner or a family vacation. But I have a budget and I don’t spend lavishly. Most of my income goes towards insurance, investment and savings. Just like many of us here, my goal is to be financially free when I reach 35.

My advice is--- 1.) there is no perfect time to save or start a business. Procrastination will only delay your goals. Be open-minded, be ready to face hurdles/failures along the way. The benefit of starting early is that you have more time to stand up, improve and start all over again.
2.) Spend your money wisely. Avoid buying things you can’t really afford. Yes, you may loan or get a phone plan that pays monthly but always ask yourself if you really need it.
3.) Take time to sit and write down your financial plan. How much do you earn? What are your expenses? Create a goal and work towards achieving them.
EX. Income = 15,000, Expenses = 12,000 (80%) , Savings = 3,000 (20%)
List down or itemize each expenses and assess if you really need to spend for that monthly. You’ll be surprised some of them you can actually cross out of the list!
4.) Reward yourself so you won’t get burned out – again, buy rewards you can afford!

I hope I have helped by sharing my piece.

[camzywinsy]

Hi Reg! Yes Citisec is a good place to start. Pwede ka mag start with 5,000 just to know how it feels to trade or invest and then you can add a specific amoutn every month to make it grow.

[reginakrys]

Thanks! I'm still trying to convince my husband to invest. He still wants to talk to "elders" para sure jud nga dili ma waste ang money. I don't blame him sad, as most of our savings came from his own hard work. Like most other people, we don't want to rely on salary alone. Yes, we can build our savings from both our incomes, but diha ra sad kutob. Maayo nang mu go forth and multiply, haha. For now, research2x usa mi.

It's good to know we can use Citisec.. Problem is, as of now, wala mi Philippine bank account to draw from, and I don't think we can open one without personally appearing sa ilang locations..