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,


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