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How do you want to make money today?

Newbie here. Hope to achieve financial freedom.

akimrei · 10 · 1975

akimrei

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Hi! I'm a newbie here. Male 26 years old. Employee in the BPO. No savings. No investments. But with a lot of debts. I signed up here because I need help and would like to achieve financial freedom.

I don't really know where to start. Calling financial advisors! :D
« Last Edit: Sep 24, 2014, 04:07 PM by akimrei »


phreyesj23

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Reply #1 on: Sep 24, 2014, 04:47 PM
Well, you're on STEP 1 Sir!

Step 1. is being brutally honest (with yourself) about your financial situation  :applause:

Step 2. would have to be --- pay your debts  :hihi: you can't start saving when you have debts, especially those interest-bearing debts.

The logic is simple math: your debts may have higher interest(s) than when you save in banks. Now if someone advise you to start investing
or doing a business, that might not be a smart idea -- why? Remember that investments such as Mutual Funds or Stocks (Stock Market)
carry risks. The same holds true if you wanted a business. You can't afford risks as of *now*.

What to do?
List down all your debts from interest-bearing to none. prioritize them first. Also, it's not a good idea to have your salary pay your debts
'til nothing is left. You need to learn how to budget  :D

When you're able to pay your debts, practice this rule:
INCOME - SAVINGS = EXPENSES

Be FRUGAL. List down your expenses so you can monitor where the heck is your money going. Starbucks, Beer sessions? Try cutting some  :watchuthink:

Educate yourself, read book...attend seminars (BDO is having one FREE this Friday at Makati)...and read blogs --> www.pisoandbeyond.com

Finally, you need to change the way you think about money (BPI), have this mindset:
"Money is NOT the most important thing. BUT money affects every important thing" - Bo Sanchez

When you're up, try to buy an insurance, then start investing. Goodluck!  :hello:
« Last Edit: Sep 24, 2014, 04:49 PM by phreyesj23 »


ferrariEverest

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Reply #2 on: Sep 24, 2014, 05:09 PM
Hi! I'm a newbie here. Male 26 years old. Employee in the BPO. No savings. No investments. But with a lot of debts. I signed up here because I need help and would like to achieve financial freedom.

I don't really know where to start. Calling financial advisors! :D
How much do you earn?


akimrei

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Reply #3 on: Sep 25, 2014, 09:55 AM
Well, you're on STEP 1 Sir!

Step 1. is being brutally honest (with yourself) about your financial situation  :applause:

Step 2. would have to be --- pay your debts  :hihi: you can't start saving when you have debts, especially those interest-bearing debts.

The logic is simple math: your debts may have higher interest(s) than when you save in banks. Now if someone advise you to start investing
or doing a business, that might not be a smart idea -- why? Remember that investments such as Mutual Funds or Stocks (Stock Market)
carry risks. The same holds true if you wanted a business. You can't afford risks as of *now*.

What to do?
List down all your debts from interest-bearing to none. prioritize them first. Also, it's not a good idea to have your salary pay your debts
'til nothing is left. You need to learn how to budget  :D

When you're able to pay your debts, practice this rule:
INCOME - SAVINGS = EXPENSES

Be FRUGAL. List down your expenses so you can monitor where the heck is your money going. Starbucks, Beer sessions? Try cutting some  :watchuthink:

Educate yourself, read book...attend seminars (BDO is having one FREE this Friday at Makati)...and read blogs --> www.pisoandbeyond.com

Finally, you need to change the way you think about money (BPI), have this mindset:
"Money is NOT the most important thing. BUT money affects every important thing" - Bo Sanchez

When you're up, try to buy an insurance, then start investing. Goodluck!  :hello:

Thanks phreyesj23! I think what you said is true. It would really be a good idea to know what my debts are. Due to pressure and stress, I have stopped tracking them at some point. As far as I can remember, this is what they are:

150K - Debt to my father
50K - to 2 of my siblings
20K - to a friend
Around 40K on credit card (principal amount)

I have used the 200K which I have borrowed from my father and siblings to join a friend who's starting up a buy and sell business of 2nd hand cars. For some reason, it didn't work out. I don't really have any idea as I just gave him the money for investment. Now the car is in the scrap yard.

For the credit card, I think it's the usual, I got my first credit card. Maxed it out. Never paid it. I used to live a very lavish lifestyle during the younger days. I always wanted to be "IN" and always have the latest gadget.

I walked away from my family because of shame and don't know how to face them because of the debt. Until I decided that this is not the life that I want. I have to face them, but don't really know how to start paying them. The more that I am afraid as they are down and is really needing the money.


akimrei

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Reply #4 on: Sep 25, 2014, 09:56 AM
How much do you earn?

Hi ferrariEverest.

Right now I am earning around Php 20,700 per month net.


Dong_Nguyen

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Reply #5 on: Sep 25, 2014, 10:21 AM
Do you mind doing some freelancing or sidelines? It would somehow help you pay your debts.


akimrei

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Reply #6 on: Sep 25, 2014, 10:40 AM
Do you mind doing some freelancing or sidelines? It would somehow help you pay your debts.

I've thought of doing that but I'm not sure what sideline. I'm a college undergrad and only experience is working in the call center.

Do you have any idea on where can I start getting this sidelines? Online jobs maybe?


ferrariEverest

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Reply #7 on: Sep 25, 2014, 11:23 AM
Hi ferrariEverest.

Right now I am earning around Php 20,700 per month net.
Ok. Consider doing online call center jobs. You just need 1 or 2 long-term good clients, and you can earn P10k to P20k per WEEK, or more, if you are good. (Programmers and web developers earn the most)... Do it part-time for 3-12 months. Depending on your performance by that time, you could quit your current job within 6-12 months.

You can try oDesk, PHCoinjobs, Elance, Freelancer. I recommend oDesk. To become an online freelancer, you just need a PC or netbook and a stable internet connection.

Regarding your debt, you must make an accurate list of your debts. My suggestion is for you to pay your credit card debt first, then friend's, and then your family's (postpone or staggered payments sa family mo). Swallow your pride (it does no good), apologize to your family and come back home. You'll be able to save a LOT and pay your debts faster this way.

If you have the discipline and relevant skills and work ethic, I guarantee, hindi ka magugutom if you work online. Walang trapik, walang boss, walang dress code, walang call center bad influences. Hawak mo oras mo. If you have questions regarding online jobs and oDesk, you are free to PM/message me anytime.

Focus on your goals:
1. Pay debts
2. Save 50-80% of your monthly earnings (it is doable based on my experience)
3. Get back home and do online jobs part-time
5. Quit your toxic job
6. Pay it forward: libre mo family mo and kami :D

Quote
i've thought of doing that but I'm not sure what sideline. I'm a college undergrad and only experience is working in the call center.
It does not matter if you are a college undergrad. What matters are SKILLS and good work ethic.
« Last Edit: Sep 25, 2014, 11:25 AM by ferrariEverest »


dede59

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Reply #8 on: Sep 25, 2014, 01:17 PM
Wanted too a financial freedom and I tried odesk but it did not work. Teach me howwwww . ..


phreyesj23

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Reply #9 on: Sep 25, 2014, 06:55 PM
Thanks phreyesj23! I think what you said is true. It would really be a good idea to know what my debts are. Due to pressure and stress, I have stopped tracking them at some point. As far as I can remember, this is what they are:

150K - Debt to my father
50K - to 2 of my siblings
20K - to a friend
Around 40K on credit card (principal amount)

I have used the 200K which I have borrowed from my father and siblings to join a friend who's starting up a buy and sell business of 2nd hand cars. For some reason, it didn't work out. I don't really have any idea as I just gave him the money for investment. Now the car is in the scrap yard.

For the credit card, I think it's the usual, I got my first credit card. Maxed it out. Never paid it. I used to live a very lavish lifestyle during the younger days. I always wanted to be "IN" and always have the latest gadget.

I walked away from my family because of shame and don't know how to face them because of the debt. Until I decided that this is not the life that I want. I have to face them, but don't really know how to start paying them. The more that I am afraid as they are down and is really needing the money.

I see..atleast your debts are mostly from your family. Talk to them and tell them you'll work it out and pay them. I'm sure they'll understand if you're sincere enough to face them and tell your plans. Next, call your bank/card. Kindly ask them to waive the interests and come to an agreement (My friend tried and they agreed. "Kesa nga naman sa taguan lang sila, at least maibalik ung principal amount" I won't go thru the details though since I really don't know how it went between my friend and his bank. Just try)

For the extra income, try jobs/companies that pay you for your referrals such as insurance, condo, etc. Not sure about the qualifications sorry  :hihi:

Regardless, you need to rebuild your rep & life. good luck!   :rakenrol:


 


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