I’ve been experiencing a writer’s block since my birthday last June 9. A writing crisis perhaps. I drafted a few articles intended for the Philippine Independence Day, Father’s Day, and my Father’s death anniversary but never got the chance to finish all of them.
Nevertheless, time has been so precious these days as I’ve been enjoying a lot of quality hours with my family. I also get to answer tons of emails and inquiries in our forum and social sites about how to improve their finances and how to start investing in various financial instruments. There’s actually no crisis in sharing and promoting financial literacy to others.
But one part of teaching about investing is to let them know that risks exist and that we can not eliminate them. We can only reduce them. So it is very important to understand how the whole economic system works and what the risks are before we decide to enter the world of investments.
Let me share with you a 2-part, 10-minute video courtesy of InvestingAnswers about how the world financial crisis occur. The clips will also reveal to us how our intense sense of ownership and spending behavior can affect the world economy and that it is possible that we (not only the U.S.) may once again experience a global financial crisis.
What is the Credit Crisis?
What’s the Turning Point?
Welcome to the crisis of credit. I hope you learned something as much as I did by watching these.
What To Do NOW?
1) Make sure you are living below your means. Don’t use your credit cards unless it’s for an emergency reason.
2) Talking about emergencies, don’t invest unless you’ve kept at least 12 months worth of living expenses for your emergency fund. 6 months ain’t enough these days, in my honest opinion especially if you are an OFW.
3) Pay all your debts now. If you already paid all of them, avoid borrowing again.
4) Take good care of your health. Healthcare programs are important. But making sure you have good nutrition, regular exercise, positive outlook in life, and mind-conditioning are the best solutions to avoid getting sick during the crisis.
5) Stay close to your family and keep your faith in God no matter what happens.
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Join the OFW UsapangPiso Facebook Group and Forum to learn how to plan your finances the right way and how to grow your money in various financial instruments and investment vehicles such as stocks, mutual funds, UITF’s, bonds, money market, real estate, and others.
P.S. 1. Bro. Bo Sanchez has appointed me as a coach for our young and new investors at the TrulyRichClub social site. It’s a fun, learning family with the purpose of “helping good people become rich”. I’m inviting you to join the TrulyRichClub too and email me at email@example.com if you have any questions. Click here to join!
P.S. 2. I’m inviting you to attend our financial coaching/Q&A session with Jess Emerson Uy, a Filipino financial consultant based in Singapore who conducts financial literacy seminars at the Philippine Embassy there, on October 9, 2013, 7PM at Starbucks Paseo de Roxas in Makati City. This Q&A session dubbed as “Starting in Global Investing” will also be webcast LIVE over at the OFW UsapangPiso Webinar site. If you are based abroad and want to interact with Jess Uy live online, then register here. Those who are in Metro Manila may get in touch with Mr. Mon Lao at 09173262077 if you want to attend the coffeetable coaching sessions for FREE with Jess Uy at Starbucks Paseo de Roxas.
P.S. 3. Do you want to learn how to earn more passive income through blogging? Attend our webinar/online seminar “Earning Through Blogging – A Crash Course on How To Build a Profitable Blog” on October 19, 2013, 3PM (Philippine time) with the Philippines’ top personal finance celebrity blogger Fitz Villafuerte of Ready To Be Rich blog. Click here for more details.