Mr.Francisco Colayco, a financial coach, revealed the secret on how to handle finances and not to worry about paying loans, mortgages or rent on your retirement. he revealed the most possible problem why Overseas Filipino Workers (OFWs) remain broke after years of working overseas.  Advertisement        Sponsored Links       Mr. Colayco pointed out the usual experiences of OFWs particularly in Hong Kong, where lending agents and finance companies approach them, giving them instant credit lines as soon as they land their host country, enticing them to borrow money which most of the OFWs grab. They see it as an opportunity to buy what they want not realizing its long-term effect on their finances.    To avoid being broke, he shared the following tips:    Avoid borrowing money as much as possible.  Borrowing money either from a lending company or a friend could eventually cause financial problems. Mind the interest rate and your capacity to pay. Many OFWs turn to lending companies or individuals to make extra spending like buying gadgets etc.      Avoid impulsive buying.    Avoid using credit cards.    It is not your duty to grant all the wishes of your relatives back home.    Avoid investment schemes promising a huge and fast return of investment.  Most investment schemes are sugar-coated swindling, no less.    Start saving for your future and family, NOW!        Mr. Colayco also revealed 5 ways on how to acquire wealth.  —from inheritance  — by getting married to a rich man/woman  — win it  —steal it  —make it    To make it, you need 3 things: discipline, determination, and decisiveness.    Being asked about the most common mistakes of OFWs and their families, Colayco said that it is the mindset.Their assumption is short-term. All the earnings are not meant to spend. it is better to invest your money into something that could generate profit. Do not save just buying any material things. Spend your money wisely.    If you do business, see to it that you pay yourself to determine if the business is profitable.      Read More:  Former Executive Secretary Worked As a Domestic Worker In Hong Kong Due To Inadequate Salary In PH    Beware Of  Fake Online Registration System Which Collects $10 From OFWs— POEA    Is It True, Duterte Might Expand Overseas Workers Deployment Ban To Countries With Many Cases of Abuse?  Do You Agree With The Proposed Filipino Deployment Ban To Abusive Host Countries?
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