How bankrupt OFW finally achieved financial goals
MANILA – It took several years of working different jobs here and abroad, before a young man finally managed to achieve his financial goals.
Floi Wycoco said he ended up in sales after college but was still unsure if it was really meant for him.
"Still I don't know if it's for me. I try to look for different jobs, different opportunities. In fact, when I was here, before I left for overseas, for the first six years I had six different jobs. I was bankrupt for the first six years because I was enjoying too much. I work hard but I party harder mentality. That's the reason why I forgot to save to the point that I had to go overseas," Wycoco said in a segment aired on ANC's On The Money.
The son of an OFW who had worked in the Middle East for almost three decades eventually landed with a sales job with a mobile company in Singapore. He returned to thw Philippines only after two years of working abroad.
"I have five kids so yung schooling nila lagi yun ang priority. Then nung siya ay nag abroad, naisip ko na tutulad din siya sa kanyang papa na ganun din katagal mag abroad. Yung salary niya sa abroad siguro mga four times bigger," said his mother Majel Wycoco.
Wycoco indeed made more money from his overseas job. On his first pay check, Wycoco bought a watch worth P70,000.
"I don't know why. I just feel like this time it's mine," he said.
While abroad, Wycoco said he also experienced being bullied.
"I was also humiliated when I was overseas. We cannot deny the fact that there is racism. It's still part of the society. When I had my job overseas most of my colleagues bullied me and it came to a point when I want to release that stress so I overspend my salary," he said.
His change of heart came when a friend introduced him to investing.
"A friend invited me to a financial seminar then that's it. They told me how things work, how to value your money, how to make your money grow. That day itself, I told myself 'Yes, this is for me. This is the one that I need'," he said.
From that day on, Wycoco managed his finances well, allotting at least 40 percent of his salary to savings and investment while the rest is used to pay for his utilities, food.
"The last should be for the happy fund," he said.
Wycoco made sure to prioritize the basics like paying off his debt, getting insurance, having an emergency fund and then investing in mutual funds. He also set aside money to invest in the stock market.
"When I had my stock market account it was also rewarding but I can't deny the fact that I became emotional when every time I see my portfolio goes down. I just had to figure out 'No, I'm doing this not for one to two years. I have to do this for more than 10 years," he said.
While managing his personal finances, Wycoco also decided to help out others. He founded the Global Filipino Investors Group.
"Most of us are living beyond our means. No matter how big we get, we'll lose it in just a span of days if we don't know how to manage it well," he said.
The group gives online support to members and organizes seminars for them to attend.
He is also teaching his family how to save and invest.
"I want to contribute something, something good to help my nation have a better life. The way we see it, a lot of us are still suffering from poverty. We want to have a more financially educated next generation," he said. -- With a report from Melissa Gecolea, ANC On The Money