HHK Tips: Saving money

Gulf News

How to save your earnings? Where to best invest your money? See more at: http://gulfnews.com/videos

Transcript

00:00Welcome to HHK, Mr. Francis. How are you?

00:09Thanks, I'm fine, thank you.

00:10Our topic for today is, are you ready to leave the country, your host country as an OFW,

00:18and how to be productive when you go back home?

00:23First and foremost, we need to understand that we're going back home.

00:26We're going to reintegrate. That's very powerful.

00:29If you're going to put that in your head, you're going to be disciplined in saving your money every month.

00:37That it's going to be a key driver for you, so that when you go home, you have all this investment scheme.

00:46Discipline is key.

00:48We should be putting saving and investment every month.

00:52If you're disciplining yourself, discipline the people who are also depending on you in the Philippines.

00:57Why am I saying that?

00:59Because us Filipinos, we have this culture of entitlement.

01:02I always advise, when you're running your finances as a discipline, run it like a corporation.

01:08You know, what does that mean?

01:10For me, at the 23rd of the month, if you don't request that you need to add to my payment,

01:18then you're next month.

01:19Why am I doing that?

01:20And there's a category, education, businesses, or emergency.

01:26Of course, if there's an emergency, there's an emergency fund.

01:29If it's not that, if it's to save money, to buy a new cell phone,

01:35my family knows, my answer to that is no.

01:39We're not giving them an opportunity to explore in resolving their challenges.

01:47You ask if it's enough, what's enough.

01:50You should know what's enough for the family you're sending.

01:53That should be calculated.

01:55We need to reduce our expenses.

01:57Before you buy, you should think, do I really need this?

02:01Where will I use this?

02:03Again, it goes back to the discipline.

02:07Sometimes, when we see a sale, you buy right away.

02:10Impulse sale.

02:12You'll be tempted if you're in an on-sale store, right?

02:17Then you'll measure it.

02:19If it's 90% off, oh my God.

02:21You'll be tempted.

02:23Even if you don't need to buy, that's wrong.

02:26Or sometimes, we line up to buy.

02:32Because that's a tendency. It's behavioral.

02:35Now, you need to set a limit also on that.

02:38And then, it goes back to the discipline.

02:42If your plan is already laid out in your finances,

02:47and your expenses are 70%,

02:50look at it.

02:52You can still buy this if this is my only money.

02:55Attend financial literacy seminars.

03:00Be mentored.

03:01There are a lot of people who are willing to help you towards your success.

03:06Starting from now, you need to know the basics.

03:09The 10-20-70 rule.

03:12The saving and budgeting.

03:14You need to be disciplined on that every month.

03:16You need to put what's right there.

03:18At the same time, grow your assets.

03:21Grow your funds.

03:22Secure your future.

03:25At the same time, diversify your investment as well.

03:30So, what are the best investments that you can save your money on?

03:39Well, there are a lot of growth funds that you can put.

03:42Again, coming back, different individualities you need to profile yourself.

03:48You can go on stock market.

03:50You can go on a mutual fund, UITF, bond fund.

03:54You can have a rental property.

03:56What about gold?

03:57Gold.

03:58I'm doing that.

04:00Not the online, but I'm buying gold here.

04:03Here, you can do trading of gold.

04:05But buy the gold, the coins, bullion, or bars.

04:11Don't buy the clothes because there's a making fee.

04:15So, buy that.

04:16And then, just monitor.

04:18If the gold is low, then you sell it high.

04:22Right?

04:23So, that's it.

04:24Buy and sell.

04:25If you buy it, you sell it back.

04:27That's it.

04:28You can do that as well.

04:30Okay.

04:31So, guys, let's go to the gold souk.

04:35When will you buy gold bars?

04:37Bars, coins, bullions.

04:40And then, at the last, execute and engage.

04:45Sometimes, we're just full of vision, full of plans.

04:48However, we forgot to step towards to your freedom.

04:52And that is what I would like to impart to you on this session.

04:58Okay.

04:59If you have any questions to our financial expert, please send us your comment below.

05:06And you can also get in touch with him on his Facebook account.

05:11Francis Erroll Medina at Facebook.com.

05:13And then, you can follow also our events on Financial Literacy on Innovate Create Events.

05:20Thank you so much.

05:23Thank you so much.

05:25It's an honor and pleasure.

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