Are You An OFW? You Too Can Invest In The Stock Market

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source: http://dinoacuna.wordpress.com

As you already know I am myself an OFW(Overseas Filipino Worker) and that it is not so impossible for OFW like me to invest in the stock market. 

There are so many OFW also out there in the world who from time to time drop me an email or a message either in my contact list or other means asking how can they start or open a account even if they are out there.

I have also posted a blog on why so many OFW are still not saving up because they or their love ones spend all the hard earned money on consumer goods or on lavish and unnecessary things. 

On my way to the airport last Saturday I was able to start a chat with the taxi driver who happen to have friends who have worked abroad. He mentioned that he has one OFW friend who is really a good worker but is not able to  save up because his wife is a gambler. Instead of having savings when he comes home, he is greeted by his wife's lender asking payment. He wish he could pay them but unfortunately he has already send the money to his wife. In order to stop this, what he did is he sends his money to his oldest son, who by the way is already gainfully employed and only acts a receiver of his dad's money which he deposits to his dad's account.

In Napoleon Hill's book, Think and Grow Rich, one of the problems or cause of failure is not having a good wife. Also in the Bible it was mentioned that a man is lucky if he has chosen a good wife, one that knows how to manage one's household and finances.

I am not saying that you have chosen the wrong wife if you are an OFW and up to now you have not yet save enough. What I want to point out is that you talk as a couple and plan your life together.  It doesn't mean that your wife can't enjoy some of the fruits of your labor but you should both decide how much of your salary which you send to your wife should be save or set aside, use for daily expenses, and spend for some comforts of life. 

Discipline is the  key.

Also you have to not only educate yourself about how to handle finances, you should educate your wife and children as well so that they would understand why you are saving up and eventually they would help out in scrapping more savings to have money place today in an investment which will reap better fruits in the future.

Also at the same time you must identify unnecessary expenses. At times we spend money out of convenience(I am guilty of this). If it can be deferred , then defer it. If there is a better and cheaper alternative go for that. If it is unnecessary all together then don't buy or spend for it. 

The key to saving up is accumulation, that is keeping more instead of losing more.

I hope I am able to reach all our OFW kababayans and I hope they start saving and contribute to our country's rise to the level it use to be.