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Showing posts with label money lessons. Show all posts

Sunday, July 22, 2018

These are the Best Places to Get the Highest Dollar to Peso Exchange Rate in the Philippines

For an OFW sending money to family in the Philippines, the weakening of peso against the dollar, doesn’t necessarily spell more money or savings, but...

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With the inflation rate soaring to record high in recent months, the highest of which was pegged at 5.2% last July 5, 2018, the increase in prices of basic commodities becomes almost inevitable.

For an OFW sending money to his or her family in the Philippines, the weakening of peso against the dollar, doesn’t necessarily spell more money or savings.

Whatever is gained from higher dollar exchange rate is easily devoured by the rising cost of living.

Nevertheless, today could be the best time to send more dollars as this means higher value for the money, which in turn means more spending power for OFW families in the Philippines.

Below are some of the best places in Manila to exchange your dollars for the best rate possible:

A.Money changers:

1. Czarina Foreign Exchange – This money changer has many branches in Metro Manila including their main office in Ayala, Makati City and several branches in Glorrieta Malls and in Farmer’s Plaza and Ali Mall in Quezon City.

2. Edzen Money Changer – Located in Mabini St. in Ermita, Manila, Edzen is always known to offer the highest exchange rate in the capital.

3. Sanry’s Money Changer – It has branches in Link Building in Ayala and in Glorietta 5 Mall. With over 20 branches, Edzen has the reputation of offering competitive rates

4. Tivoli Money Changer – This money changer has several branches in Manila and Quezon City. They pride themselves for the ‘worry-free money exchange experience’.

Other options include the Emerald Money Changer, Core Pacific Money Exchange, Bamboo City Money Changer and the Naila’s Money Changer.

B. Remittance centers - For those who don’t want to go farther from where they live, there’s always the option to go to remittance centers with branches found almost anywhere like a convenience store.

The best remittance centers to exchange your dollars are the Cebuana Lhuiller, Western Union, Palawan Pawnshop and the M Lhuiller.

All you need is an identification card (ID) for verification purposes. Also, if you are receiving money from abroad and you want it immediately changed to peso, this is the best place to go.

C. Foreign exchange centers in malls – Malls like SM and Robinson’s have foreign exchange centers that caters to OFWs who want a more convenient, if not safer place, to exchange their money.

While they mainly accept US dollars only, some branches do accept other currencies like Japanese Yen, Saudi Riyals, Euros and others but you may have to check with them first via a phone call before heading out.

D. Banks – Banks have always been one of the best places for foreign exchange transactions. But due to their strict rules, OFWs tend to move away from banks and chose either money exchange or malls.

But in case you are left with no other alternatives and decide to do the transaction with a bank, keep this in mind: They only accept foreign exchange transactions if you have an existing account, and in most cases, you will need to go to the specific branch where you opened your account.

Also, they would often require sets of valid IDs like passport and other government IDs.

Having said that, here are the best banks offering the best rates in the country - Banco De Oro (BDO), Bank of Philippine Islands (BPI) Metrobank and the Philippine National Bank (PNB).

Meanwhile, we could learn a thing or two about investing and saving from Chinkee Tan's "Money Lessons" via his YouTube channel:

WIFE, SONS MAKE GOOD USE OF OFW’S REMITTANCE

WHERE DO OFW FAMILIES SPEND THE REMITTANCE THEY RECEIVE?

12 COUNTRIES IN NEED OF HUNDRED OF FILIPINO CLEANERS

www.jbsolis.com

Wednesday, February 21, 2018

Want to Have Rich Kids? This 14 Money Lesson Might Help

With the situation in the Philippines where the number of the poor population is growing, perhaps all of us are hoping that our children will not live in poverty someday. This is the reason why parents are striving to work hard to send their kids to school, to earn a degree that might help them find a job or start a business someday. But is this enough?

According to the author and self-made millionaire, Steve Siebold teaching kids about financial success is very important. Siebold has spent a lot of time studying the ultra-wealthy where he interviewed more than 1,200 millionaires and billionaires over the past 30 years.

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His question is "What do you teach your kids about financial success?" Siebold compiled the following 14 money lesson plans or could be considered as kindergarten money lesson plans since you have to teach this to your children starting at young age.

Here are some 14 money lessons that will help you and your children become successful and financially stable someday.

1. Success isn't free

Wealth and success take work.

"Becoming financially independent will be the fight of your life. You'll have to be willing to sacrifice your time, sleep and leisure to build something great." "It's not glamorous or pretty. While your friends are out having fun, you'll be working."

2. Get rich solving problems

The top earners know that money flows from ideas and problem-solving. "If you want to be rich, solve a problem," "If you want to be very wealthy, solve a bigger problem."

This makes it easier than ever to get rich: "It's simple. Solve a big problem, and the world will gladly turn their money over to you."

3. Expect to make it

The wealthiest people set high expectations. Don't be afraid to think big: "Expect to get rich in your 20s or 30s. It's not going to happen overnight, but it doesn't have to take a lifetime. Your expectation will quicken the process and keep you on track."

4. Surround yourself with successful people

Who you hang out with matters.

"You need rich friends," says Siebold. "The sheer exposure to their heightened level of awareness around everything related to wealth will dramatically expand your thinking."

Find ways to cultivate relationships with wealthy, successful people: "Read their books, attend their events, donate to their charities and whatever else you can do to gain introductions and build relationships."

5. Fall in love with work

Your career affects every aspect of your life, so you want to choose your path carefully.

"It's difficult to invest the necessary time and energy into a profession that bores you or that has little meaning beyond money," "Waking up every day with excitement for going to work is a formula for financial abundance, emotional fulfillment, and life satisfaction."

6. Money solves most problems

The rich aren't afraid to admit that money can solve most problems.

"Being rich won't make you happy, but it will solve 90 percent of your problems." "If you have a problem, and you can make it disappear by writing a check, you don't have a problem. Make your money by solving problems, and you'll get rich enough to purchase your own problems away."

7. Invest

"The rich are investors, not spenders." "They invest their money today, so they'll have more tomorrow."

To be a successful investor, stick to what you know or what you're interested in: "If you like to play guitars, you might study the vintage guitar market. If you're a baseball fan, look into investing in rare baseball cards. If you like dissecting stocks, you could study the stock market."

8. Spend smart

No matter how big your paycheck is, you won't be rich unless you're disciplined enough to keep what you make. "Excessive spending can ruin you." "It happens every day to people with millions of dollars at their disposal."

That's not to say you should never spend: "Just make sure you don't overextend yourself in the process because that will put you on a treadmill of having and not having money."

9. You deserve to make it

The top earners tell themselves they deserve to be rich, while the masses think getting rich is reserved for a lucky few.

The truth is, "in a free market economy like America, if you serve enough people and solve enough problems, you deserve to be rich."

10. Money and opportunity are limitless

Rich people see money as abundant. After all, "If earning money is based on solving problems, and the number of problems is infinite, then your ability to earn money is infinite."

"Reject the mass belief that money is a scarce resource. It's not. What is scarce are people with solutions that others want to buy, and that's what you need to master."

11. Choose prosperity over entertainment

The rich use their time differently than the average person. "The masses spend their time, while the rich invest in it.

"Spend your time basking in entertainment, and you will struggle your entire life financially. Invest your time creating solutions to people's problems, and you'll never lose a minutes sleep worrying about how to pay the mortgage."

12. Focus on earning

The quickest way to get rich is to generate multiple revenue streams.

While you want to focus on earning, keep the big picture in mind, too. "Total focus on money might lead you to do anything to get it, so I don't recommend that approach," says Siebold. "Instead, decide to match your talents and interests with a problem people will pay you to solve and go to work until you succeed. This formula offers you the fulfillment of doing work you love while profiting from solving other people's problems."

13. Rich people are not always smarter

The masses falsely believe "that rich people are smarter than everyone else," says Siebold. The truth is, "most of them are no brighter than the average person struggling to make ends meet."

You don't have to be a genius to make it big: "Getting rich is less about intellect and more about focusing on the accumulation of wealth."

14. Wealth creates freedom

Again, being rich won't make you happy, but wealth does offer freedom: "Being rich allows you to live anywhere you want, do anything you want, and be anything you want to be.

"Wealth gives you the power to make your own rules, as long as they don't break any laws or hurt any people. It may not make you any happier, but it will certainly give you the freedom you deserve."