Sunday, 20 November 2016

Start building your own Business NOW

Why do you work abroad?
I want to give brighter future for my family and save for my retirement.
What are you going to do after working abroad?
I'm going to start my own business.
This is a usual conversation of OFW's, after years in abroad most of them will start their own business. High percentage of failures are happening to start up businesses and some will end up going back abroad.

There are 5 signs that will give you an idea that you are ready to start your own business:
1. Knowledge . You need to be knowledgeable on the field to start a business. For example; Start a restaurant what if you don't know anything but only eating and your past experience are on HR administration. The right step is to read books, attend food tasting and seminars to have an idea of what is the trend in the industry.

2. Capital . Enough capital. You need to build a foundation of your finances. You should have enough savings for emergency, pension funds, health insurance, life insurance, and cash flows from passive sources aside from your business. In case you fail, then you will not have financial problems and get into mountain of debts.There are many ways to get a capital thru angel investors, venture capitalist, banks, and other start up platforms.

3. Right team. Get the right people to be on board on your business plan. Most businesses failed because there is no team work and support from the people. Don't hire somebody unless you've done a background check.

4. Innovative products. Products should be innovative, high demand, and solve issues and problems of many. Check the potential customers for your product or services. It's not enough to have a product that no one will buy, but getting the right product at the beginning is a must.

5. Business plan. Prepare a business plan from A to Z. Some businesses started without any plans only thru trials and errors, but if you are an OFW without enough experience then better to prepare a business plan.

Sincerely yours,


P.S. If you have a business idea and plans for the future, share with us and will help you find funding.

Friday, 4 November 2016

Getting Out of Debt

"Utang, Pagkakuha ng Suweldo, Bayad Utang.
Pagkabayad Utang! Dahil Kulang Ulit,
Utang! Pagkakuha ng Suweldo, Bayad Utang.
Pagkabayad Utang! Kulang! Paulit ulit -lang.
                                                           - Chinkee Tan

Unending debt cycle. Getting out of debt is the first step in achieving financial freedom. You should work out on your debt status before starting to invest in different financial instruments. Probably you will say that there is a good debt and bad debt, Yes but debt is debt.

It can start at a very small amount of loan or credit card consumption. This debt can build overtime then it will become a mountain that cannot be move. This is a place where everyone fall into trap.

Here are my tips on how to handle debts:

First, Pay all the debts slowly but surely. There is no point of adding additional debts if you still have an existing one.

Second, Look for a lower interest rates. If you have an existing debts, try to look for a bank that can purchase the loans and get a lower interest rates.

Third, Pay the highest interest rates debt first, especially those compounding every month or year.

Fourth, Don't be late on any payment schedule because interest and penalty will only add up to your existing loans.

Fifth, Use credit card only for points or miles. If you don't know how to use credit card properly, then it's time to cut it off.

Those are very practical tips on getting out of debts, see you on Financial Freedom ladder.

Sincerely yours,

Jonathan I. Ruiz CPA

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