Bad Credit History? Here are 5 Ways on How to Fix It

Nobody wants to be in debt. Surely, no one wants to borrow money and not be able to pay it, especially now that you are earning in dollars. Unfortunately, financial difficulties happen and there are expenses you won’t be able to pay on time, which prompts you to borrow money.

You might ask, “What if I am unable to pay?” 

In that case, late or non-payment of financial obligations could affect your credit score, thereby reducing your chances of getting approved when you apply for a loan. The same goes if you have little credit history, which means you haven’t tried applying for a loan or credit card.

Is there a way to fix this? The answer is yes. Here’s what you can do to fix your bad or no credit history:

1) Start building your credit history. 

This is applicable if you don’t have financial obligations under your name.

Take note that credit history is among the most important factors lenders like Balikbayad look into. If there is none, then don’t worry. Now is the best time to build your credit history, starting with getting a credit card.

Credit card companies are more lenient in giving credit card to consumers. This is because this plastic card serves as your entry in the Consumer Lending market. Despite the convenience, make sure you are a responsible credit card holder by paying your bill on time and in full every time you use it for your pasalubong purchases.

If you happen to have bad credit, paying off your credit card debts could reduce your chances of being put in a bad light. In other words, don’t underestimate your credit card.

2) Don’t apply for another credit card. 

If you have existing financial obligations, getting a new credit is a big no-no. You will be tempted to use the card to pay for your purchases even if you cannot pay for the bill in full. Lenders also take this as a red flag because borrowers with too much credit cards in his name often indicates that you are financially troubled.

Resist every temptation to apply for a new credit card and avoid using cards newly issued to you, which leads you to this next tip.

3) Pay off existing loans and bills. 

Online cash loan, personal loan, salary loan, auto loan, car loan, credit card debt, and even utility bills – all of this have an effect on your credit history. Any late or non-payment could affect your overall credit score, which means getting a loan approval can be difficult as well.

Here’s what you can do:

  • List all existing debts and financial obligations. Indicate the amount, interest rate, and due date for each expense.
  • Identify which loans have either higher interest rate or earliest due date. Prioritize these loans when making a payment.
  • Look for ways where you can earn extra. You can try selling items you no longer need or getting a side job.
  • Make little sacrifices. If possible, walk on your way to work, avoid buying material things for your family back home, skip the weekly drinks with colleagues. You need to save money so you can pay off your loans.

Every payment made goes a long way. Lenders would like to see borrowers who have existing debts yet are making efforts to slowly pay off their loans.

4) Try negotiating with lenders. 

This may not work since it depends on your previous credit standing. If you were able to pay on time before, then explain the roadblocks you experienced, which led to delay in payment. Your lender would be willing to help you on this based on the type of borrower you were.

You can also suggest debt consolidation so you will only worry about just one loan. Try negotiating for lower but reasonable interest rate to make loan repayment easier for you.

5) Make sure that your family is working with you. 

All of these efforts won’t be possible if your family back home is not backing you up. It is imperative that you explain the financial situation with your family and collectively, look for ways on how you can pay off your loans and improve your credit score. Encourage your family to save and make little sacrifices as well to improve your financial condition.

4 Investments Every OFW Must Have before You Retire

OFW Investment“Walang forever,” so they say. In fact, this saying applies in OFW life. Your work abroad is only as good as the duration of the contract, with risk of being cut short due to unforeseen events. Once it ends, you have no choice but to go back and look for another job because you have mouths to feed and bills are piling, waiting for payment.

Does it really have to be that way all the time?

The good news is you change that. It takes a lot of commitment and discipline because you need to make the most out of your stay overseas. While you’re in there, make sure you save up for these investments because these will help you as you head back home – for good:

1) Real Estate

It could be a house and lot, land, or a condominium unit. Whatever it is, it is a property you can call yours. Plus, real estate is a realization of all your hard work and sacrifices overseas, which is why you need to save up for it.

What if you already have your own house and lot? That’s okay. If budget permits, you can purchase another property and turn it into a money. You can offer it for lease or sell it at a higher price (although you need to wait a little longer if you plan on selling soon).

Find out how SSS or PAG-IBIG can help you achieve your dream home.

2) Investment

Aside from real estate, an investment portfolio is something you should save for while you can still work abroad. The reason is simple: it grows your money. If you invest your P10,000 today, there is a higher chance that it will be higher than the original investment amount two or three years after.

There are several options you can choose from. You can start with UITF or mutual fund since these two are pooled funds managed by a professional fund manager. This set-up is ideal if you are just starting with investing and still learning the ropes.

If you are willing to take the risk for higher returns, then try stocks. This is recommended since companies give dividends at least twice a year as well. If you are more on the safe side, government or corporate bonds can be a good choice.

READ: Investment Options Below P10,000.00

3) Insurance

Similar to investment, not many people are into insurance for the simple reason that they “do not understand how it works.” Apparently, you will need one, especially if you are after peace of mind.

You can go for life or health insurance to protect your family against financial burden in case something happened to you, although these are the traditional ones. Insurance companies offer products like Variable Universal Life (VUL) where you are insured and money is invested both at the same time.

4) Business

You need something that will sustain you and your family as you go back to the Philippines. Even if you have enough to get by, the money in your savings account will be depleted – and you don’t want that to happen.

What can you do? Try to put up your own business. Start your own while you’re still overseas or your spouse can put it up so s/he has something to do while you’re away. Plus, you and your family get to earn something extra, so they don’t have to depend solely on remittances. How can you say no to that?

READ: Business Ideas You Can Try with Little Capital

You will have to go back home and settle here. Prepare for that day to come by saving up for these investments. This will lead to a more comfortable life as well.

4 Money Lessons OFW Parents Must Teach their Kids

Being a parent is not easy. You need to prepare your kids for the future and make sure they are equipped with necessary knowledge and learnings in order for them to survive. Even if you are miles away because you have to work overseas, this is not an excuse to pass on important lessons to your kids, which they will carry on later in life. In fact, that is part of your responsibility as a parent.

When it comes to important lessons, this includes teaching them about money. Here are some basic financial lessons you should teach your kids:

Money Lesson No. 1: Money is earned and worked hard for. 

Living as an OFW could make earning money easier for you compared to working in the Philippines. Still, this doesn’t mean you should spend your money every time your family asks for it.

One of the important lessons you need to teach your kids is that money is earned and worked hard for. It is something you don’t get out of thin air or grow out of trees, rather a reward for the sacrifices you made while living and working abroad.

There are several ways to teach them the importance of money. When you go home for vacation, try holding a garage sale and sell items you don’t need but are still in good condition. If your child is good at something, say baking goodies, encourage your child to bake and then sell it to friends or neighbors. This will make your child feel how it feels to earn money.

Money Lesson No. 2: There is a difference between needs and wants.

First things first. Needs are necessary expenses that you cannot get away from like water, food, and shelter. Yes, you can look for cheaper alternatives but it is something necessary for survival. On the other hand, wants are expenses that you don’t really need and can be delayed. For instance, a new gadget, staycations, shopping for new clothes and shoes, and eating out in restaurants.

Therefore, teach your kids to prioritize needs over wants – a money lesson they need to learn as early as possible. Practice the concept of “delayed gratification” where the want will be used as a reward for, say good grades or good behavior. Teaching them the difference between the two concepts will help your child make better decisions in money as they grow up.

Money Lesson No. 3: Save up. 

This is important. Many Filipino families don’t have enough savings that will help them last for a month – and it’s not a good sign. In fact, your family shouldn’t be one of them.

To make that happen, you need to instill the importance of savings to your kids even before you leave for your job overseas. Make sure that you set as a good example by showing your kids that you are also doing your part to save. Give every member of the family his/her own Money Bank wherein the money saved will be pooled in the Family Fund. This teaches your kids on how to responsible with money – a trait they can carry with them as they get older.

Money Lesson No. 4: Think of ways to grow money. 

Saving is good, but don’t stop there. Saving money in the bank is a good start, but if you want financial freedom, then you should teach your kids about investing as well.

There are many ways to invest money even with little amount. Explore your options and learn about them as a family so you can decide what’s best. This should be a team effort and everyone must be involved.

6 Money Tips for Returning OFWs

Fact: work overseas is not a lifetime career. At some point in your life, you have to go back to the Philippines and settle here. This is why you should make the most (and save the most!) out of your stay because you will never know when it’s time to go back.

Let’s say your contract expired and you’re finally back home. What is your next step? Should you apply for work overseas again or settle in the Philippines? Will you finally open your dream business you and your family have been planning for years? What about the money?

For all returning OFWs, this one is for you: money tips to remember to make sure you’ll have enough until you get another job:

Tip No. 1: Know how much you have. 

In fact, this is the first thing you need to do when you get home. Make a list of all your assets you acquired over the years. This includes savings (both in and out of the bank), investments (stocks, mutual funds, treasury bills, etc), and other assets like car or property. Place the corresponding amount so you know how much you have.

Ideally, you should have at least six months-worth of income to help you get by while you are still looking for another overseas stint. You can check out this post about crazy but effective ideas to save more money.

Tip No. 2: Make a list of how much you owe. 

Consequently, list every financial obligation that you have, regardless of how big or small the amount it. This should include existing personal, auto, home, business, and even online cash loans. Don’t forget to include the outstanding balance, interest rate or amount paid every month, and due date for each loans. This will give you a clearer picture of how much you owe as opposed to how much you have.

Tip No. 3: Develop a financial plan. 

Now that you know how much your assets and liabilities are, it will be easier for you to devise a plan on how to handle your finances. At this point, establish a way on how to pay off your existing financial obligations and making sure that you won’t accumulate more.

You should be able to look into your budget as well since you are no longer earning in dollars. Adjust your family’s weekly and monthly budget to accommodate expenses without exhausting every centavo in your bank account, which leads you to this next tip.

Tip No. 4: Look for ways to earn something extra. 

Getting another job abroad is not easy even if you already have experience. Unless you are specifically requested by your previous employer,  you have to wait for an opportunity and rely heavily on luck as well to get a job overseas.

In the meantime, look for other ways to earn extra money. This could help sustain your everyday expenses without hurting your bank account.

Tip No. 5: Avoid parties and treating friends. 

Many returning OFWs are victims of “Libre naman dyan” culture. You were away for years and the fact that you earned in dollars make you look “bigtime” in the eyes of other people. It wouldn’t hurt if you say yes to an invitation and become the designated financier in the group.

Well, it would if this happens more than once.

As much as you miss your relatives and friends, treating them could hurt your pocket. Keep in mind that you don’t have a job – yet – so save as much as you can. Don’t give in to temptations easily.

Tip No. 6: Don’t jump into business immediately. 

Admit it. You wanted to open up your own business so you don’t have to go back overseas. Apparently, it’s not as easy as it seems. Some businesses, no matter how promising it would be, fail for variety of reasons. If you are not ready to risk the money you worked hard for, then don’t start your own venture – for now.

Examine the market first and see if there is an impending need for your product or service. You should be able to prepare yourself not just financially but also mentally and physically as you enter into this new venture. Once you are ready, keep in mind that Balikbayad is here to help. Send your loan application now for pre-approval and we will get back to you as soon as we can.

OFW Problem: Should I Send Money or Not?

One of the most common misconceptions surrounding OFWs is that you are rich. You earn in dollars and with the existing peso-dollar conversion (P52.00 ++), money is easier for you. Because of this, many relatives and some friends decide to turn to you and ask for help – financial help. No thanks to the so-called utang na loob, it’s hard to say no to them even if the money is intended for you family.

This is the challenge: should you send money to friends or relatives when they asked for help? 

The answer is it depends. It should never be your habit to let anyone borrow from you anytime they need it. Nonetheless, here’s what you can do if a friend or relative sought for your help and borrowed money:

First, be a good listener and listen to their money issues. 

You can’t just say no instantly. You need to genuinely listen to their problem first that led to money issues. You need to know where they plan to use the money IF you will let them borrow. Listening to their concerns will help you gauge whether that person is worth lending.

Then, tell them you’ll check your finances. 

Money is something you work hard for. This is why you should never let anyone borrow from you when they need it.

If a friend asks for help, tell him/her that you’ll think about it. Explain your situation since you have a family to feed as well. Let them know that you have other responsibilities and a strict budget to follow. At this point, do not promise anything yet until you are sure that you have extra funds you can lend.

Decide whether to lend money or not. 

That friend or relative is waiting for you. A day or two of making them wait for your decision is fine, but if you are certain that you cannot lend them money, then you need to tell that person right away.

If you decide to lend money to a relative or friend – 

Ensure that the money will be used for the said purpose. Consequently, make sure to set payment terms because you and your family need money as well. Agree on a particular date on when s/he should pay and how the money will be paid. Nonetheless, you have to be ready for the consequences.

There is a possibility that this person might “forget” about the money borrowed; hence repayment won’t take place. Don’t be embarrassed to remind that relative or friend to pay because that is the money you worked hard for, especially if it’s already the agreed date of payment.

If you said no – 

Be ready for grudges. You’ll be hearing statements like, “Noong ikaw ang may kailangan …” or “Tulungan mo naman kami kasi binabantayan namin pamilya mo,” so be ready for it. Some would even insult you for not allowing them to borrow money from you, so make sure you are prepared for that.

Nonetheless, it is important to be honest on why you cannot let them borrow money. Explain your current situation and the current standing of your family when it comes to expenses.

Still, don’t feel bad. True friends are those who understand your situation. If they ended up putting you down just because you can’t lend them, then it is best to kick them out of your life. You don’t need that and just focus on what else you can do to improve your family’s financial situation.

5 Bad Spending Habits of OFWs You Need to Avoid

Your dream is to provide a better and secure future for your family. In fact, that is the reason why you decided to leave the Philippines and seek greener pastures overseas.

A year and hundreds of dollars sent later, you noticed that nothing has changed. You don’t have enough savings, you still don’t have a house you can call your home, and the business you wanted to try is still not operational. What went wrong?

Perhaps, it’s because of these bad spending habits:

1. Poor commitment to savings

Unfortunately, you send most of your salary back home. You rely on your salary the next month since for you, your family needs the money more than anything else. Even if you promised to save, you are not committed to it.

You mean well, but how long should this go on? Keep in mind that you are on contract, which means once it expired, you have to be back in the Philippines and look for another job. Start saving now before it’s too late.

2. No side job

Getting a side job is not mandatory, but it is advisable for additional income. After all, no matter how hard you budget, it will always seem like what you are earning is not enough.

There are many side jobs you can take, so make sure to take advantage of that. Don’t forget to ask around and ask for recommendations from fellow Filipinos.

READ: Side Jobs You Can Take for Extra Income 

3. One day millionaire attitude

After how many years, you finally went back to the Philippines for a month-long vacation. Everyone is excited to see you come home and ask you how life is abroad. Since you missed everyone, there is always a celebration to welcome you. You and your family also go to the mall to shop and eat out every chance you get because you want to make it up to your family. You also treat your friends you haven’t seen in years.

Sure, you want to make your experience fun while you’re back home. If you live this way, regardless if you are in the Philippines for vacation or still back in the country where you’re working, then it’s not surprising if you are always left with an empty pocket – and you shouldn’t let that happen.

4. Not saying no to family and relatives

Everyone needs money. Everyone has needs that require money. Still, this doesn’t mean you should be Santa Claus or an ATM and give in to all requests. You have needs and priorities as well, which is why it is important to say no at some times.

READ: How to Say No to Extended Family’s Requests 

5. Too much debt

You need money for placement fee, so you applied for a loan. Your family needs cash for tuition fee and sweldo is weeks away, so you have no choice but to borrow money. Someone in the family got sick but the money you sent was used for other important purpose; hence loan. Sadly, these debts, regardless of the amount, pile up and you’ll end up using your hard-earned money to pay for these debts.

Still, this doesn’t mean that all debts are bad. It’s okay to get a loan as long as the purpose you will use it for will make that money grow like putting up your own business or for investment. If you need extra help, Balikbayad is here to extend a helping hand to you. Fill out our online loan application for pre-approval and we will get back to you as soon as we can.

4 Simple but Smart Business Ideas for OFW Spouses

Being an OFW is not easy. The same goes with being an OFW spouse. You need to be both a mother and father, and keep the family together while your spouse is working overseas. Then, there’s always a challenge as to how you will budget the money and make sure everything is alloted and accounted for while waiting for your partner’s remittance.

Do you always have to wait for money to come? What if you try putting up a small business that will help you and your family get by?

Here are simple but smart business ideas you can try that will help you earn something extra (and hoping you can save more in the process):

Curate a Personalized Gift Box

Who doesn’t want anything personalized? Many people these days would love to buy or give something that will represent a particular person’s personality. Take advantage of that by offering personalized gift box services that represents various personalities.

You can buy items that represent a certain personality and take advantage of your spouse’s job overseas to look for products that are hard to find in the Philippines. If you know someone who sells bath soap, cosmetic products, toys, and the like, which you can add in the gift box, propose a partnership that will become beneficial for everyone.

Sell Perfume

Everyone wants to smell good. That is why most people, no matter how expensive it could be, are willing to spend on perfume or cologne to smell great.

Apparently, buying perfume in departments stores is expensive. For ordinary Filipinos, shelling P4,000 to P6,000 for a bottle of perfume is too much on the budget. Offer them an alternative by selling perfume at a cheaper price. Ask your spouse to buy bottles overseas and sell it in the Philippines at a cheaper cost. You can also take pre-orders to make sure that you won’t have nothing left in your inventory.

Get into Food Business

How can you say no to food? Whatever happens, Filipinos will spend money on food, so it’s nice to take advantage of that.

You can try baked goods like brownies or cookies. If you perfected particular dishes, you can offer that and put up your own party tray business. Some people would like to take the hassle of their plate and just look for someone to “cater” for them, so this is a good opportunity for you. Or you can try office food delivery, which is ideal if you live near offices or commercial centers. Filipinos will always have a knack for home-cooked food because it’s affordable.

There are many training centers that offer crash courses on food, so you might want to look into that.

Merienda Cart

You don’t have to rent a space for this since this is something you can do at home – if you have space in front of the house. You can sell merienda or snacks such as barbecue, banana cue, fishball, kikiam, and drinks like sago at gulaman or buko juice. Since it’s summer season, sell halo-halo or mais con yelo too. Filipinos will always have a special spot for these foods.

This business idea is great for you because you don’t have to shell out too much money and at the same time, how can you resist this kind of food?

Don’t just rely on remittances. The financial success of a family depends on you and your spouse. Help each other and save, save, and save.

4 Reasons Why Your Wallet is (Always) Empty

You will never run out of reasons as to why you want to work overseas. One thing you have in common with thousands of OFWs is that you want to provide a better life for your family. This is the reason why you send your entire income to your family back home to pay for everything they need.

Unfortunately, OFW life is uncertain. There is always a possibility that you might go back to the Philippines and with little savings. Sadly, you weren’t able to save that much because of the following reasons:

1. Inconsistent Saving Habit

Today, you committed $10 every week. The following week, you forgot about that $10 commitment and promised to make up for it the week after. This went on for weeks or even months and the next thing you know, your $10 is still $10.

It’s not your fault. There are bills to be paid and other expenses that require immediate cash, thereby shelving saving. Still, don’t stop these expenses from foregoing savings. You’ll never know what will happen in the future, so make sure you are prepared for it by making saving a habit.

2. Failure to Educate Family about Money

Here’s something every OFW family should remember: saving is not entirely the OFW-parent’s responsibility. In fact, every member of the family plays an important role in order to attain your defined financial goals.

Here’s what you need to do: before you leave for your overseas work, make sure to define goals and set responsibilities for every member of the family like who’s in charge of bills, savings account, and investment account. Otherwise, everything else will be left on your shoulders and your family will just be waiting your padala every month. This could create a (large) hole on your pocket.

Check out these money management tips for your spouse and children

3. High Maintenance Lifestyle 

Finally, you can now afford to buy the latest gadgets, branded shoes and clothes, and even food that are not available in the Philippines. Work is doing well, so your family back home is also enjoying the good life.

When you do this, you leave little room for savings. At the same time, you teach your family a certain lifestyle that you might not be able to sustain once your employment contract is done. if you continue with this, it’s not surprising that you always have almost nothing left on your pocket – and it’s not a good idea.

4. Showing Off

After two years, your employer finally allowed you to go home for a month-long vacation. When you get back in the Philippines, there was a big celebration. People call you “big time” because you earn in dollars. To live up to that, connotation, you always treat your family and friends when eating out, buy what your family wants, and even renovate a portion of your house while you’re still around.

If you act this way, then it’s not surprising that your wallet is always empty. You prioritize what people will think about you instead of saving the money that you can use for important things. If you go on with this, you will end up with having less because you prefer showing off rather than saving and investing your hard-earned money.

So, which among these are you guilty of?

5 Small Businesses You Can Try this 2018

How many times have you heard of the term “financial freedom?” Surely, several times, Here at Balikbayad, we always emphasize the importance of attaining this because we want every OFW to live comfortably even after life overseas.

There are many ways on how you can achieve that. Investing your money in UITF, mutual fund, or stocks is a good option. In case you want something that is more sustainable, you might consider opening your own business.

Check out these business ideas you can try this year, both in and out of the Philippines:

1. Online selling of RTW clothes

Everybody needs clothes because everybody needs clothes to wear. Why not capitalize on that by selling clothes that you can find in the country where you’re working? You can stick to basics – shirts, shorts, skirts, or dress in basic colors. Ask your customers for suggestions and look for them. Who knows, this could lead to something bigger.

Tip: Consider selling clothes and shoes for kids. Mothers are more willing to spend on their children than themselves.

2. Discounted authentic perfumes

Unfortunately, perfumes can be expensive in the Philippines. Malls are taking advantage of the people’s need to smell good, so they charge a higher amount since people will always buy. This can be a good business to start with by offering perfumes that are more affordable.

It would be great if you can find a supplier in the country where you’re working. Otherwise, you can buy perfumes in stores and sell it online for a slightly higher fee (but make sure it is still cheaper than the ones sold in malls).

3. Food catering 

Do you love to cook? Have you perfected several dishes that people can’t stop raving about? If yes, then use your skill and turn it into cash by starting your own food catering business.

You can start by sponsoring food during your get-togethers with the Filipino communities or parties. Leave your contact details so that people can reach out to you. Post your food offerings If you find food catering a bit overwhelming, you can try packed lunches first and sell it to your colleagues. This can be a good start to grow your catering business.

4. Handicrafts

There is something about homemade products that makes it appealing for customers. The idea of turning “junk” into something useful or products crafted by hand will always have a special place in people’s hearts. If you have that skill of making something out of scrap, then go ahead and give handicrafts business a try.

Keep in mind that when you start this business, the burden, time, and effort will fall on you. Maximize your downtime and post your finished works on social media. If the company allows it, consider selling your items to your co-workers. Make sure you leave your contact number so people will know who to call when they want to buy more.

5. Food cart

Let’s face it: starting your own business from scratch can be overwhelming and stressful. If you don’t know where and how to start or still figuring out what type of business you should try, then consider franchising a food cart.

Here’s the thing: people will eat – all the time. Maximize on that by selling food and/or refreshments. Known brands like Potato Corner offer franchise to start-up entrepreneurs like you at an affordable price. Still, the key here is to find a location with high foot traffic so people can see you easily. The best part is your family can manage it even if you are abroad.

READ: What you Need to Know about Franchising

What business would you like to try this 2018? If you need additional working capital, Balikbayad is here to help. Submit your online loan application now and we’ll be happy to assist you with your cashflow needs.

Financial Milestones OFWs Must Attain Before Retirement

OFW life is never easy. Despite earning more (and in dollars too!) and having an opportunity to live and work abroad, you will long for your family and always willing to take the first flight back to the Philippines. At the end of the day, you still want to go back to the country and be with your family.

Unfortunately, it’s not that easy. You might not even consider retirement and willing to work for as long as you can.

Here’s the thing: you can’t work forever. At a certain point in your life, you need to slow down and relax. Before that day comes, make sure you are able to attain these financial milestones:

Milestone No. 1: An emergency fund that could sustain you in times of need. 

Emergency situations – flood, fire, medical surgery, or typhoon – are everywhere and most of the time, these situations will surprise you. Even if you have pension to sustain you, it won’t hurt if you have a fund that could help you last for up to six months. This all-cash fund must also be easily accessible to you, so you don’t have to worry about anything in case of unfortunate events.

READ: Tips on How to Put Up Your Emergency Fund

Milestone No. 2: Living a debt-free life. 

Who wants to live in debt? No one, right? Apparently, debt is like a ghost that will continuously haunt you even in your sleep.

When you retire, you should be able to pay all of your financial obligations or at least set aside a specific fund for that. Keep in mind that an indication of happy retirement is being free from financial obligations. Pay as much as you can while you still can. Avoid borrowing money for the wrong reasons and when you are already close to 60 years old. Consider consolidating your debts so you’ll only worry about one once you are nearing retirement. This way, you can truly enjoy life by the time you cross 60.

Milestone No. 3: A house you can call your own.

A house is a culmination of all your sacrifices and hard work. In fact, it is one of the many reasons why you decided to seek greener pastures and work overseas because you want to make that dream home happen.

Still, a house should be an asset and not a liability by the time you retire. If you decided to buy a house with the help of housing loan, you should be able to pay the loan in full by the time you retire. Make sure that the payment method corresponds to your retirement age so that you don’t have to worry about amortization when you are in your 60s.

Milestone No. 4: A passive yet stable income. 

Many people who retire experience drastic changes in their lifestyle because they don’t have steady income that could sustain them. Don’t let it happen to you. You can still live a comfortable life even if you are 65.

How will you do this? Through investments.

When is the best time to start this? Now.

If you want to retire comfortably, you need to start investing your money in facilities that will provide you a source of cash. You can try mutual funds or UITF for starters since there are fund managers who handle your account. If you are willing to take a risk, investing in stocks is another option. If you are really willing to take a bigger risk for higher return, consider opening your own business.

What are you waiting for? Start working on these goals before it’s too late.