Although there are about hundreds of investment books to read and videos to watch, still, only 1% of the population pushes through with saving and investing. This also applies to the overseas Filipino workers abroad as we get to encounter people who still have unpaid loans and insufficient money for expenses despite having a decent work. It turns out that 99% of the population don’t have the right mindset to become successful. If you’re abroad and you’re eager to do what it takes to save money and be part of the 1%, I am sharing with you the top secrets on how you can save money overseas.
Catch me in my live training events! (quick plug)
The heart of why I do this seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more on how you could time the market checkout the trainings below.
Stock Smarts Cebu — April 6 & 7, 2019
Investing Insights Japan – April 13, 2019
Stock Smarts Singapore — May 18 & 19, 2019
Investment Conference 2019 – May 25, 2019
Stock Smarts Manila — June 15, 16, 22, 23, & 29, 2019
Stock Smarts Iloilo – July 6 & 7, 2019
Stock Smarts Cagayan De Oro – July 20 & 21, 2019
Stock Smarts Hong Kong – August 11, 2019
Stock Smarts UAE – August 30 – September 3, 2019
Stock Smarts Qatar — October 3 – 6, 2019
Stock Smarts Taiwan – November 2, 2019
One thing that can fuel you to start and continue on saving is your dream. Whether it is a dream to come home to the Philippines, buy your own house and lot, buy your own car, become a millionaire at the age of 30, or retire at 45, everything is possible if you keep on remembering the reason why you are hustling right now. Make your goals and dreams your starting point.
Budgeting is never getting out of the list of money saving tips. It’s always the best strategy to keep a budget plan with you so you can track all your expenses and the portion of the money you can save up. List all the necessary things first before you decide on buying your wants. Once you have enough budget for your savings and expenses, that’s the only time you can spend on luxury things you want.
See for yourself whether fixing a percentage or just figures works for you. Some OFWs I know put 10%, 20%, or 30% of their income in savings or investments. Some don’t rely on percentages considering that they have other things to spend on like remittances and healthcare. So instead of fixing a percentage, you can designate a figure to put in your savings account, say P1000 or P2000 every month.
Is it your goal to have a sustainable lifestyle here in abroad or in the Philippines? Is it your end goal to stop working when you have fix income coming from your investments? If you haven’t planned your end goal, now’s the right time to formulate it. One effective strategy to motivate you to invest and save more is your goal at the end of the line. Regardless of how big or small it is, keep yourself driven until you reach it.
Saving should come with investing if you really want to open new channels of cash inflows. Don’t stop with one investment. Don’t be satisfied with a single savings account. If you don’t know what to do with your extra money after planning your budget for expenses, continue on saving and investing again and again.