To be secure.
To be comfortable.
To be rich.
Most Filipinos aiming for first 2 goals, to have a secure job and have a stable monthly income, once they reach that status being comfortable will stop them to grow and get stuck.
Nothing bad on those goals but to become financially rich and free from financial worries should be our main goals especially for Filipino OFWs.
I’m starting all over again and preparing for my financial freedom.
I would like to share with you my 3 savings plan that might help you in your financial journey:
First, Increasing Cash Flows. I started working again in Oil and Gas Industry but salary cuts from previous position due to lower position but saved time of at least 4 hours of travel. But I’m thinking to move to a higher position very soon, on the sidelines we launched a start up CPA review school (I can do PAID lectures on my free time).
Second, Cut monthly expenses. I’m using rent a car for the last 4 months and spending 1600 AED plus fuel 300 AED, I’m blessed to found a second hand car and bought it for cash (no bank loans). I cut the 1600 AED expenses. Another good news today, I received the family insurance, now I will be paying only 50AED for every consultations and free medicine compared previously paying every medications.
Third, Save and build cash on the sides. Cash is King. Everything is going up (PSE Index and Commodity Prices) and having money on the sides while waiting for right opportunities will be a great advantage for future investments.
I hope you are enjoying and having fun in your journey to Financial Freedom.
JONATHAN I RUIZ, CPA, MIB