Thursday, August 18, 2011

United in one purpose: Debt-free life

I am happy to see many bloggers with a passion to help us to be free from debt. I admire them and have in fact met some of them through my twitter account: debtfree_life. Many of them were very successful in getting out of debt themselves. Thanks to these wonderful people, who made it their purpose to help many who are wallowing in debt.
I would like to feature some of them here. I believe there is power in unity. United in one vision, to live a debt-free life. I promise you are in for a big treat when you visit their blogs and websites. I have benefited a lot and continue to learn whenever I read their articles, tips and practical helps.  

To your debt-free life,

P.S. Below are some articles of these men and women that I follow on twitter. I hope you will enjoy reading their inspiring articles.

Budgeting by Dave Ramsey
The Debt Snow Ball Calculator

P.S.S. I also updated my blog to include my twitter friends who have the passion to help you get out of debt.

Friday, August 12, 2011

Getting serious in swimming out of debt

If you really want to get out of debt, you have to be serious, really serious about swimming out of it.
I paid my credit card debt today. While on my way to the bank to pay, I was flip-flopping whether to pay it full or just pay enough and use the rest of the money for my upcoming company-sponsored vacation in Boracay.

My idea of a vacation in Boracay next week
I tell you, it was tempting to settle for the less. But because I am determined to wipe out my debt, I went in that bank resolved to pay the balance in full.

If you notice in my statement, there are many charges with the plus (+) sign on it. The Finance Charge, Fees/Other Debits, and Late Charges. the only Negative (-) is the Payments/Other Credits. I want to be in the negative more often.
The figures with red circles are the plus (+) entries

The Plus (+) signs adds to my debts. I used to pay only the  minimal amount called "Minimum Payment", which the company normally suggest you do. With that act, I had and accumulated "entries" in the plus (+) boxes. Adding all the plus (+) amounts since I started using my card, I'd say it cost me a lot, lots of money.

There is really wisdom in paying the full amount and on time. It is a source of additional money that will help you swim out of debt. Be serious and stay focus.

To your debt-free life,

Wednesday, August 10, 2011

Deal with debt by increasing source of income

In my last article, I mentioned that the number one cause of many Filipinos leaving for employment overseas is that there is no money because there is no work available locally that will sustain them comfortably.

The salary from the work they have isn't enough to sustain a growing family.
One solution to address their growing debt problem due to insufficient income, is to find additional source of income.

The question is, what source of income will help?

In 2000, my wife and I ventured in a business in order to add to our income. We franchised a street food business, called KISS KING OF BALLS. This is a simple business that sells street food like Kikiam, squid, crab and chicken balls, and a local drink called Gulaman.
It gave us additional income of around P1,000 a day. This income sustained many school related expenses of my three children including their daily allowances. It was exciting. I remember, counting the sales every night and tallying the sales report of the service crew. We were able to save and in some instance, able to help people in their financial needs.

Today, there are many franchisers that are willing to help. Franchise is good because their system is already tested and all you do is find a good place and start selling.

Many OFW (Overseas Filipino Workers) have enough funds from their savings to start one for their family.
We can teach their families not to depend on the salary of their loved ones abroad but to help by being responsible and start out by going into a business venture that is tested and easy to do.

To your debt-free life,


Sunday, August 07, 2011

Why Many Leave for Employment Overseas

Let me tell you what I've learned during my 3-day Pre-Departure Orientation Trainer's Training conducted by the Overseas Workers Welfare Administration (OWWA).
This is my group, WINNER. That's me on the left. 

The number one reason why Filipinos leave for employment overseas: 
They have no work, they have no money.
Walang Pera (No Money), Walang Trabaho (No Work)

The number two reason why Filipinos leave for employment overseas:
For the welfare of the family which includes the education of their children.

It is a sad story. If only they can land a good job here, they will not leave anymore. Did you know that if you are earning about P15,000 a month, it is not enough to sustain the expenses of a family of five? Did you know that the National Statistics considers you "poor" if you fall into this category? In most cases, they end up wallowing in debt to make both ends meet. 

No wonder it is the number one reason that they do all they can to leave the country and work overseas.
Chance for migration. They want to go to the land of milk and honey.

That's also the reason why we need to teach them how to save money when they work overseas. 

I hope we can do more to help them get out of debt and live comfortably.


P.S. Many have suggested that we teach them how to start a small business. But based on my experience, to many of these overseas workers, that is the last thing on their minds. If you have any suggestion(s), I would love to hear it so we can impart it to them. They need all the help we can give.