Retire Rich

Retirement marks the end of one chapter and the beginning of another—a time to reflect on past achievements and envision new opportunities. For Overseas Filipino Workers (OFWs) returning home after years abroad, retirement presents a unique chance to reinvent oneself and contribute to the local economy. In this blog, I would like to share with you my journey as an OFW venturing into entrepreneurship by starting a vulcanizing business, utilizing my years of hard work and experience as a tool to somehow succeed in our homeland.

Well, when I said retirement, all I really meant was to stop being an OFW and return to the Philippines for good, not necessarily to stop working---but to stop being an employee. I wanted to be the boss this time and it can be done only when I run my own business. You might ask, why do I plan to retire for almost a decade now? This is because I have a lot of fears. First, I dont' know how to run a business. Second, I don't know what business to start. Third, I don't know about accounting---that's my biggest fear. I need to learn about business accounting. So, to prepare myself for these fears, which I consider as challenges. I started preparing as early as 2015, reading books about financial accounting. The book "Finance for Nonfinancial Managers" was the book that really helped me understand the basic concept of accounting. If you intend to return to the Philippines for good with your hard-earned savings money to start your own business, I recommend reading this book. This is especially true if your profession or your career as an OFW is outside the financial and accounting realm. 
Indeed, while Excel can be a useful tool for basic accounting tasks, it may not always meet the needs of more complex businesses or those seeking greater efficiency and automation. Fortunately, there are several sophisticated accounting software options available that offer a wide range of features to streamline your accounting processes and provide valuable insights into your business's financial health. Let's explore some of these advanced accounting software solutions:

QuickBooks: QuickBooks is one of the most popular accounting software options for small to medium-sized businesses. It offers a comprehensive suite of features, including invoicing, expense tracking, payroll management, inventory tracking, and financial reporting. QuickBooks also integrates with many other business applications and banking platforms, making it highly versatile and customizable to your business's needs.

Xero: Xero is another cloud-based accounting software solution known for its user-friendly interface and powerful features. It provides tools for invoicing, bank reconciliation, expense tracking, inventory management, and payroll processing. Xero also offers extensive integrations with third-party apps and services, allowing you to create a tailored accounting ecosystem that fits your business requirements.

FreshBooks: FreshBooks is an accounting software designed primarily for freelancers, service-based businesses, and small businesses. It offers features such as invoicing, time tracking, expense management, project management, and financial reporting. FreshBooks' intuitive interface and mobile app make it easy to manage your finances on the go, while its automation features help streamline repetitive tasks.

Wave: Wave is a free accounting software solution ideal for freelancers, contractors, and small businesses. It offers core accounting features such as invoicing, expense tracking, and financial reporting, as well as additional tools for payroll processing and online payments. Wave's affordability and simplicity make it a popular choice for entrepreneurs just starting with their accounting needs.

Sage Intacct: Sage Intacct is a cloud-based accounting software designed for midsize and enterprise-level businesses. It offers advanced financial management features, including multi-entity and multi-currency support, revenue recognition, project accounting, and financial consolidation. Sage Intacct's scalability and robust reporting capabilities make it suitable for growing businesses with complex accounting requirements.

These are just a few examples of the many advanced accounting software solutions available in the market today. When choosing the right accounting software for your business, consider factors such as your business size, industry, budget, integration capabilities, and specific accounting needs. It's also a good idea to take advantage of free trials or demos offered by software providers to test the usability and functionality of each solution before making a decision. 

In my case, I choose to learn QuickBooks. I practiced using QuickBooks by creating a dummy company and applied what I learned from the book "Finance for Nonfinancial Managers". In fact, I also learn to use QuickBooks to record my personal finances. 

The Vulcanizing Business

As I mentioned earlier, I have fears about starting my own business and the biggest is my fear about accounting which I ultimately learned. And the other fear is I don't know what business I'm going to start with. Some will tell you, to start with something that you are passionate about or something you are good at. That's the usual problem of the OFWs. Most of the OFW ahead of me that I know went back home for good and started doing business for the first time, hoping that it would work. However, most of them failed. This is because they did it for the first time with a business model that wasn't proven yet and they rely on the business as their major source of income. In other words sa bisaya pa, wala saligi pero maoy gikuhaan sa tanan. It is somehow bound to fail. So, I tried a different approach. I started a business while I'm still an OFW. I wanted to practice first. I wanted to run a business while Im still earning as an OFW. I think we are lucky now as we can run a business remotely with the help of the technology and Internet. We can use online CCTV as our extended eyes, ears, and voice for our business wherever it is located in the world. 

So, the fear, or shall I say the challenge to identify what business I'm going to start was answered. In January this year, our neighbor who was running a small vulcanizing shop wanted to sell his shop and all the tools available for 20,000 pesos. It was a conventional vulcanizing shop that still utilizing used oil to heat the iron pad to vulcanize the interior tubes of motorcycles and bicycles. At first, I was hesitant because I know how the hell a vulcanizing shop works and I don't know how to do it. And who will do it for me? Well, I realize that I work as an HR in a big oil and gas company in Kuwait so this is my strength,  I can head hunt someone suitable to work as my partner to act as tireman in this shop. 

What made me convinced to buy this vulcanizing shop from Rex Dalogdog is that he's been running this business for more than 10 years. So it only means that this business is working and was able to feed his family for a decade. So I grab the opportunity and this will let me start a business not from scratch but simply take over a viable running business. So I bought it and was able to hire a suitable partner for this business, So far the business has been running for more than three months now and was able to pay its own bills with a meager net income. I did not do any major renovations or purchases, I just operated it as it was and planned for renovations in the fifth month of its operation. 

I still don't know whether this business will indeed help me with my retirement so that I can ultimately go home to the Philippines for good. That still remains to be seen. What really I'm after is that I started a business and will apply what I learned and prepared over the years to an actual business. I already tried applying what I learned through a dummy business and this time I am doing it on a real business. And I am confident and comfortable doing it because the capital is not something that gets the bulk of my savings. And besides I'm not building it from scratch. Simply I just taking over a running business. So guys if you enjoyed reading this blog, continue to follow as I blog here whatever I learned running this business, I will share the challenges and the whole journey in general in this blog.

For those who follow this blog because of my stock trading content, don't worry guys I will be posting again videos or blogs about stock trading soon. Why I stopped trading is that I don't have the capital now. I utilized my trading capital for another business venture to add a diversification of my investments as I used my trading capital to buy a piece of land. Yes, I'm happy to inform you that I was able to venture into real estate thanks to my best friend Don Juan for the opportunity. I'm also willing to share the process here in this blog if you guys want to know how to buy land, its associated costs, and the processes. Thank you for bearing with me I know it's a long one. And if you come this far, thank you so much for taking the time to read. Until next time, let me know in the comments section what are your thoughts. 

As an Overseas Filipino Worker (OFW) back home we are called modern-day heroes, bravely venturing into foreign lands to provide for our families. Our sacrifices, often overlooked, shape not only our own destinies but also the futures of our loved ones. However, amidst the toil and triumphs, there comes a pivotal moment when every OFW contemplates retirement – a time to return home and reap the rewards of our hard work. Today, we delve into the journey of an OFW planning to retire, exploring the challenges, strategies, and emotions that accompany this significant transition.

Reflecting on the Journey 

As we approach the twilight of our career abroad, reflection becomes a cornerstone of our retirement planning. We reminisce about the countless days spent away from home, the challenges overcome, and the milestones achieved. Yet, amidst the nostalgia, questions linger: Have we saved enough? What does retirement look like for us? And, perhaps most importantly, what awaits us upon our return?

Financial Fortitude 

Financial preparedness stands as the bedrock of any retirement plan. As an OFW the journey towards financial independence begins long before the countdown to retirement commences. With few years left, we need to assess our savings, investments, and pension plans, seeking to optimize our resources for the years ahead. Some of us might consult with financial advisors. We should develop a budget, and explore opportunities for passive income streams, ensuring a comfortable retirement back home.

Building Bridges 

Returning home after years abroad entails more than just a change in geography – it necessitates reconnecting with loved ones, communities, and a nation transformed by time. We need to build bridges, nurture relationships from afar and lay the groundwork for a seamless transition. Invest time in strengthening familial bonds, participating in community initiatives, and reacquainting ourselves with the cultural and societal shifts awaiting our return.

Embracing Change 

Transitioning from the hustle and bustle of overseas life to the tranquility of retirement presents its own sets of challenges. We will grapple with the prospect of a slower pace, redefining our identity beyond the confines of our profession. Yet, we approach this period of change with resilience and optimism, embracing newfound hobbies, passions, and opportunities for personal growth. Whether it's pursuing entrepreneurship, engaging in volunteer work, or simply relishing the joys of family life, they find fulfillment in the richness of each moment.

As retirement beckons, we contemplate our legacy – not merely in terms of financial bequests but in the impact we've had on the lives of others. We reflect on the values instilled in our children, the lessons learned by our peers, and the contributions made to our communities, both abroad and at home. Our journey transcends borders, leaving an indelible mark on the hearts and minds of those we've touched along the way.

The road to retirement for an OFW is paved with challenges, choices, and moments of profound reflection. As we prepare to bid farewell to the life we've known abroad, embark on a new chapter filled with promise, purpose, and the enduring legacy of our journey. Though the path may be uncertain, our resolve remains unwavering – for in the heart of every OFW lies the courage to navigate change and the resilience to embrace the future with open arms.