Retire Rich

What is Quicken? Well, Quicken is a personal finance management tool developed by a company called Quicken Inc. (formerly part of Intuit, Inc.) [Wikipedia]. On March 3, 2016, Intuit announced plans to sell Quicken to H.I.G. Capital. Quicken helps you with the following tasks:

• Personal financial management
• Track bank accounts
• Bill reminders
• Set up budget
• Set up saving goals

As the version goes higher... more features introduced. We will discuss more on its version later. I first stumbled upon Quickbooks and used this software for my personal finance, however Quickbooks is designed really for small businesses. So, I'm having a hard time tweaking the system to work as a personal finance tool.

Quickbooks brought me to Quicken, which is exactly the software I need for managing my salary and expenses. In this blog, I'm sharing my journey as an OFW. Part of my plan is to go back home in our country financially free -- to retire rich actually. So part of this journey I shared is how to manage our income. Of course, as OFW, our main income is our monthly salary. So, I made sure that I managed my salary correctly.

This could be done through proper recording and analyze your recordings so that you can make sound decisions to achieve your financial goals. Well, it doesn't really matter what kind of software you use, or even writing your personal finances manually on paper. It doesn't really matter. The important thing is you keep a record. Of course, I tried keeping my recording, at first, by just simply writing it on a piece of paper, and after I learned how to use a computer back in 2008, I started using excel.

Everything is, of course, fine, but when my recording has accumulated over the years, is not so expert on excel, I was not able to produce multiple reports to analyze my recordings. I wanted a tool wherein I will worry only about the entries and the reporting should be just a few clicks away. I did research on financial tools and software. That's why I stumbled upon Quickbooks and eventually Quicken. Quicken has the capability to generate the types of reporting I need and the simplicity and practicality in making entries.

Quicken versions

When I found Quicken, I ask myself if what will be the right version for me---considering my budget too. Since I have to monitor my income (basically my salary); expenses (how I spend my salary); small lending business; stock market and UITF investments; and another start-up businesses. I wanted to make sure also that I can generate separate reports between my personal and business transactions. With the above in mind, I choose Quicken Home and Business version.

Below are the Quicken 2017 versions: (affiliates links below let me earn a little commission when you buy at Amazon.)

Quicken Starter Edition - Lets you track bank accounts, credit card accounts, download transactions, and credit monitoring.

Quicken Deluxe Edition - Apart from the above features in the starter version, you will be able also to set up a savings goal, debt-reduction planning, track loans, and retirement accounts.

Quicken Premiere Edition - Apart from the above features in the starter and deluxe versions, you will be able to manage investments, compare performance with market averages, track deductions for tax returns,

Quicken Home & Business Edition - Apart from above features in the first three versions, you will be able to track business expenses and income, create schedule C for a tax return, create estimates and invoices.

Quicken Rental & Property Manager Edition - Apart from above-mentioned features, you will be able also to have tools for managing rental properties, create Schedule E for a tax return, maximize rental property tax deductions.

Quicken for Mac Edition - Best version for mac yet and has the capabilities of deluxe windows version.

Working with Quicken

My Quicken version lets me create bank accounts; credit card accounts; monitor my bank loans and payments; monitor each loan I funded on FundKo [Retire Rich] (a very nice crowdsourcing lending and borrowing platform). I also am able to see where I am on my spending and how much is left money intended for spending at any day of the month.

What I like most about Quicken is that I can set up a monthly budget. At the beginning of the month, I would set up a budget for the whole month and monitor if I'm in or out of my budget. I can also compare my previous and current monthly budget and adjust accordingly. I'm really happy and satisfied that I bought this software, which cost me only KWD 18 at the time I bought it on Amazon. If you are really serious about knowing where your money went and serious about keeping an eye on your spending, Quicken is the answer to raising it to the next level.

Edubas (right) poses with Philippine Embassy in Kuwait Consul General Atty. Raul Dado

“Even before I became an OFW, I know someday, I will support children's education. Or even support a single family for their children’s education”, Edubas said, while sitting on his bed inside a 2 X 8 meters modified room he rented in Kuwait.

Edubas understood the growing number of out of school children in his country. And the major reason why these numbers are growing -- it's because of poverty.

The growing numbers of out-of-school children in the Philippines

According to Functional Literacy, Education and Mass Media Survey (FLEMMS) one in every ten or about 4 million Filipino children and youth was out-of-school in 2013. Out-of-school children are defined in the FLEMMS as persons aged 6 to 14 years who are not attending school.

Insufficient family income to send a child to school is the primary reason for not attending school (this refers to all educational expenses other than tuition fee) for 19.2 percent of these 4 million out-of-school children.

Early life without parents

“My mother died when I was two years old. And my father died when I was in second-year high school. Back then, it was tough even to buy a pencil and paper”, Edubas said as his eyes turned red. He became emotional reminiscing those hard days of his life.

During third year high school, Edubas admitted that he was lost. His life went to the wrong direction as a result of his parent’s untimely death. He resorted into drugs.

“From having excellent grades during my second year in high school. I failed the following year. I didn't pass my junior high school. From that point I realized. What will happen to me? What will be my future without proper education?" the 37, year old Edubas said.
"I need to stand up from where I succumbed”, said Edubas. He worked as a payroll officer at an Oil & Gas construction company in Kuwait.

Edubas picked himself up and repeated junior high school with a renewed mindset. He sought help from an OFW relative as a working student.

“Without my relatives’ help and trust, I would not be able to finish high school and college. That’s why when I finished college, also with my Aunts’ help; I vowed that someday I will give something back!”

After he finished college, Edubas worked in a local bank earning $130 per month. Even with a limited amount of money to share. He did not stop helping nieces and nephews with their education. Edubas said that he values education more than anything. He doesn’t want to see children face difficulty in acquiring basic education.

Collaborating with fellow OFW's

Even working abroad as an OFW, he knows that he can’t do it alone considering his earnings. So he sought help from friends and relatives that also worked abroad. He wanted to realize a dream of helping children for their education.

Edubas donated school supplies to Datag Elementary School to Grade 1 pupils in June 2015. The dream was realized with the help from OFW friends and relatives from Hong Kong and Canada.

Finding ways and means to help

Edubas did not stop from there. He still continued finding ways and means to help more people in his community, in his own simple way. He also founded a microfinance aim to help the poorest among the poor in his community. He funded this from his own pocket.

"Although there were creditors who are not able to pay dues on time, but I didn’t give them problems. My aim is to help” said Edubas.

But how he sustained funding his microfinance if few creditors are not able to return some amount in time? Edubas said, “it is pure honesty, trust and their willingness to help their fellow men”.

He told those who avail the services of his microfinance to keep in their minds that the more they will able to pay the more people in dire need he can help.

Edubas proved that the ability to help others is not just for the wealthy philanthropist. But the desire to help others should come from within your heart, and God will provide all the resources you need to bless others.

What a lovely, kind and generous man!

Photo: Don Juan of Tabang Pinoy

I've got the chance to see the new Philippine Ambassador to Kuwait up close. This was during the launching of Gracia Amor's book, Global Filipino bloggers . He's the one who handed to me over the certificate from Amor's book launch and signing.

Ambassador Renato Villa is also an OFW earlier in his career.

Before he became a diplomat, our new Ambassador had worked as an OFW in Jubail, Kingdom of Saudi Arabia. He worked as a technical writer at Saudi Petrochemicals.

As a diplomat, Ambassador Villa were assigned in countries like UAE and Jordan.

He was also assigned in Malaysia -- the most populous Muslim country in the world. A country of more than 255 million and home of around half a million Filipinos.

Renz Leano OFSI (center) posed with OFSI Batch 8 attendees after completing the final module.

Overseas Filipino Stocks Investors (OFSI) founder and president, Renz Leano was very emotional and teary-eyed while listening to the testimonials of OFSI Batch 8 attendees, as the personal financial literacy sessions concluded on Friday, 18th September 2015 in Hawally, Kuwait.

Mr. Leano introduced the first attendee who shared testimony about the seminar.

"You are one of the best mentors. Thank you so much for sharing your expertise and for boosting participants to understand all the modules. We learned a lot of wisdoms; sabi nga naming mag-asawa, 'sana noon pa natin eto alam, sana na-enlighten na tayo noon pa about financial literacy'.” said Tom Alcancia, one of the attendees and has been an OFW for more than 20 years.

Tom was emotional too in his testimonial as he lamented why he was not enlightened earlier about financial literacy. But Tom understood that it was never too late.

"Anyhow, I guess it is not too late yet as we can apply the information learned in our investment objectives - growth of income and to properly handle our current assets. Most of all we can share and impart the financial literacy we learned to our children and the young ones", says Tom as he ended his testimonial thanking Leano and his team.

A unique seminar for Overseas Filipino Workers (OFWs) to better handle their personal finances was conducted in Salmiya Kuwait starting 14th August 2015.
The Overseas Filipino Stock Investors (OFSI) founded by Mr. Renz Leano conducted a "Financial Literacy" seminar to Overseas Filipino Workers (OFWs) working in Kuwait.

There were around 50 OFWs attended in this batch that lasted for more than three hours each session. The seminar is divided into five modules, and each module is conducted every Friday starting 14th August.

OFSI is a non-profit organization in Kuwait that advocates in teaching OFWs handle their personal finances. This seminar was the 8th Batch.

According to Mr. Leano, the mission of OFSI is to inform, inspire and instruct OFWs alike in handling their personal finances. He said that majority of OFWs were excellent worker in their chosen fields and landed high-salary paying jobs outside their country.

Gracia Amor, center, autographs a copy of the book during her book launch and signing at the Philippine Embassy in Kuwait.

Blogger and author Grace Hizon or Gracia Amor launched her book titled "Global Filipino Bloggers" on Friday 21 Aug., at the Philippine Embassy in Kuwait.

Philippine Embassy officials supported the event. Renato Villa, Philippine Ambassador to Kuwait, Raul Dado, Consul General and Cesar Chavez Jr., Labor Attaché were among those present during the event.

The event was also supported by many Filipino organizations in Kuwait. Organization leaders received certificate of recognition for their support of the event.

As of early this year, there's actually a rule that has been strictly implemented in transferring from one sponsor to another. Our administration now requires the residency and work permit history printout to determine if a certain applicant can be locally transferred or not for those who are currently under project or government visa.

So if you plan to look for another job make sure that you are transferable as per the current ministry rules. In order to find it out, before applying, I advice you to get the a printout of the following:

• Residency History printout from the Immigration Department (تسلسل إقامات) - This printout shows the history of your residency from the the time you entered Kuwait.

• Work Permit History printout from the Ministry of Social Affairs & Labor (بيان حالة) - This printout shows the history of your work permit from the time you work under a sponsor.

Na miss mo ba ang mainit na pandesal sa kape tuwing agahan?

Well, for me not anymore! Because I discovered "Nature's Taste" bakery.

If pancake is the typical breakfast for most Americans. For Pinoys, of course, it's "pandesal". So you should know where's the hottest pandesal in Kuwait to complete your breakfast.

Nature's Taste located at Old Souk Salmiya, just behind McDonalds, next to Tiya Marias.

A friend told me about Nature's Taste bakery. So, the following day, I went to the location to find out the bakery.

The friendly staff at Nature's Taste bakery

Nature's Taste product lines on the display shelves

Nature's Taste from outside

One of the uncomfortable feelings, I felt being an employee, is when I resign from my first job in Kuwait. When I resign from that job, wherein I worked for 3 years -- the longest I've ever work in my entire working career -- there were doubts stopping me from resigning.

Well, my number one doubt during the time I resigned, was how to tell my boss. I felt nervous to tell him that I'm resigning. Fortunately, when I worked in HR, I learned that there should be nothing to worry about. Actually, there's a basic formula, how to resign your job in a good way and gracefully. I would like to share this to you.

• Make sure that resigning is really the right decision. Don't resign if, you just want to get an increment, or you just want to let your boss feel and realize how important you are. This will tarnish your reputation.

• Make sure that the company you are transferring to, can wait for three months. If you are resigning because you found another job, you should ask your new employer if they are willing to wait for three months, because this is the required notice period as per the Kuwait Labor Law.

• Tell your boss in person. Especially if you are close to your boss, shooting an email to his inbox is not a good idea. Request for a meeting and tell him face-to-face.

• Have your answer ready when your boss asks why. It is always good to tell the honest answer whatever the main reason there is why you're resigning. But it will depend on your boss management style. If your boss accepts criticism you can tell him if your reason, for example you resign because you are feed up of the working very long hours, which is the company's culture. But if your boss doesn't like to hear that kind of reason, it will be good to tell him about "better opportunity" or the new job is "near to your place" is acceptable.

• Cooperate and offer for a smooth transition. Train and provide assistance to your replacement. Provide password to your computer, keys to you drawer, and handover pending work. Try to leave a contact number before you leave, this will generate goodwill.

I found a good news! While skimming the Department of Labor and Employment or DOLE website, I found job fairs that may help a lot to those returning OFWs -- affected by the ongoing problems in Libya. Despite the lack of opportunity for a job in our country, the government at least find a way to produce jobs.

DOLE announced yesterday, 11 August 2014, the job fair schedule for the month of August and September 2014. The job fair will be held in various venues within 16 Regions of the Philippines.

One of my fear, if for some reasons, I need to go back to our country -- is to find a job. We all know how difficult to look for a job in the Philippines. Employers prefer to hire applicants aged 18-24 years old.

I'm at the age wherein, I'm too young to retire but too old to apply. So, it's tough. That is why we can't blame those Kabayan's who hang on, with their jobs even if they are working in countries that face security crisis. Sabi nga nila "mas mabuti pa raw mamatay sa abroad kaysa mamatay na dilat ang mata sa Pinas" Well it's true. But I think, it would be better if I die, wherein my love ones can still see my dead body.

Anyway, here are the schedule of job fairs as per the DOLE website.

August 1--Butuan City Job Fair, Butuan City Hall Lobby, Caraga Region; August 3--KCC Mall Job Fair, Zamboanga City, Region 9; August 4--Taal Job Fair, Escuela Pia, Taal, Batangas, Region 4-A; and Palo Jobs Fair, Palo, Leyte, Region 8; August 5--La Union Job Fair, Saint Louis College Gym, San Fernando City, La Union, Region 1.

August 6--Mini Job Fair-DMDP, Cebu City, Region 7; August 7--Jobs Fair, Sta. Elena, Camarines Norte, Region 5; August 8--Municipality of Orion, Pag-Asa Wawa Covered Court, near TESDA Bldg. Orion, Bataan, Region 3; August 11-- San Jose City Job Fair, Municipal Gym, San Jose City, Region 3; August 11 to 12--Tuguegarao City Job Fair, Lobby of Tuguegarao City Hall, Enrile Blvd., Carig, Tuguegarao City, Region 2.

August 13--Camalaniugan Patronal Fiesta Job Fair, Camalaniugan Municipal Hall, Camalaniugan, Cagayan, Region 2; August 14--Mega Job Fair, Caloocan South (Main) City Hall, NCR; August 14 to 15--Camalaniugan Patronal Fiesta Job Fair, Camalaniugan Municipal Hall, Camalaniugan, Cagayan, Region 2; August 15--CFCST Job Fair, Arakan, Cotabato, Region 12; and PESO Binangonan Mega Job Fair, Ynares Plaza, Libis, Binangonan, Rizal, Region 4-A; August 16--Nograles Mini-Job Fair, Ma-a Elementary School Covered Court, Ma-a, Davao City, Region 11; Brgy. Lahug, Cebu City, Region 7; and Local and Overseas Job Fair, Mandaue City, Cebu, Region 7.

August 20-- Jobs Fair, Sta. Elena, Camirines Norte, Region 5; and Brgy. Poblacion, Pardo, Cebu City, Region 7; August 20 to 21--Handog Kaarawan Trabaho para sa Mamayan, Datu Lipis Makapandong Youth Employment & Migrant Center, Patin-ay, Caraga Region; August 21--Mini-Job Fair, Amphitheater, Malabon City Hall, NCR.

August 22--Malabon City Mini Job Fair, Malabon City Hall Amphitheater, NCR; and PESO Tanay Job Fair, 3rd Floor Activity Are, Tanay Municipal Hall, Tanay, Rizal, Region 4-A; August 22 to 23--Hinatuan Job Fair, Hinatuan Municipal Hall, Caraga Region.

August 23--PESO-Iloilo City Job Fair, Robinson's Place Iloilo, Iloilo City, Region 6; August 24--Tandag City Job Fair, Tandag City Gym, Caraga Region; Local Job Fair, Capitol Grounds, Region 7; August 24 to 25-- Cabanatuan City Mini Job Fair, Cabanatuan City, Region 3.

August 26 to 27-- Daet Jobs Fair, Daet Heritage Center, Daet, Camarines Norte, Region 5; August 28--PESO-Dumangas, Iloilo Job Fair, Dumangas Gym, Dumangas, Iloilo, Region 6; and August 29--Hapsay Job Fair, City Tourism Hall, Cagayan De Oro City, Region 10.

For September, the scheduled job fairs are as follows:

September 2--San Leonardo Job Fair, San Leonardo Gymnasium, San Bartolome, San Leonardo Nueva Ecija, Region 3; September 5--61st Foundation Anniversary and 5th Agten Tufi Festival Job Fair, Tupi, South Cotabato, Region 12; and Tandag City Job Fair, Tandag City Gym, Caraga Region; September 6--57th Foundation and 11th F'lomlok Festival Job Fair, Polomolok, South Cotabato, Region 12.
September 10-- Caloocan City Hall South, NCR; September 11--Baguio Day Job Fair, Baguio Convention Center, Baguio City, CAR; September 13--Nograles Mini Job Fair, Sta. Ana National High School Covered Court, D. Suazo St., Davao City, Region 11; and Brgy. Talamban, Cebu City, Region 7; September 15-- Mountain Province Job Fair, Bontoc Municipal Plaza, Bontoc, Mt. Province, CAR.

September 17-- PESO-Iloilo City Job Fair, Robinson's Place Iloilo, Iloilo City, Region 6; and Jobs Bridging-DMDP, Cebu City, Region 7; September 18-- Malabon City Mega Job Fair, Malabon City Hall Amphitheater, NCR; and Mega Job Fair, Caloocan North City Hall, NCR; September 20-- Mega Jobs Fair, SM Tunasan, NCR.

September 23-- Job Fair, Municipal Gym, Glan Sarangani Province, Region 12; September 25-- Nasipit Job Fair, Nasipit Municipal Hall, Caraga Region; and San Miguel Job Fair, San Miguel Municipal Hall, Caraga Region.

September 26-- Hapsay Job Fair, City Tourism Hall, Region 10; September 27--68th Mega Jobfair, Cebu City, Region 7; September 28-- PESO-San Miguel, Iloilo Job Fair, San Miguel Gym, San Miguel, Iloilo, Region 6.

I have been working in Human Resources field for the past four years in Kuwait. I'm employed to one of the leading Oil and Gas Construction Companies in Kuwait. This company has more than 10,000 employees.

Basically, my job is more on the end process of hiring (joiners) and processing the required documents for leavers -- resigned, terminated and dismissed employees.

In the process of doing my job, I met a lot of questions more from the leavers than the joiners (applicants).
The most frequently asked questions were about "notice period" and "end of service benefits" (EOS). Belew are some of the questions:

1. How many months (notice period) required to work, after submitting resignation?
2. Do I need to finish the required three-month notice period?
3. If I will not work for the required notice period, is there a penalty?
4. How much pay I will get if I worked for three years? Five years? Or more than 10 years?

Apart from the above questions, a lot were also being asked, wherein answers were covered under the Kuwait Labor Law of the Private Sector No. 6 of 2010. I assumed that few might not able to read the Kuwait Labor Law that is why these common questions were asked.

Instead of giving answers to those frequently asked questions, I provided a link to the existing Kuwait Labor Law. Please click the link, and it will lead you to the document: http://www.arabtimesonline.com/LinkClick.aspx?fileticket=dv%2FnyhXr3Kk%3D&tabid=57. This is a downloadable format wherein you can save on your computer. You may need legal advice in interpreting the law. But in general, the answers to those questions above where clearly stated.

(Recommended further reading: In order to clearly understand the Kuwait Labor Law in the private sector, I recommend to all the readers of this post, to visit the article of Fajer Ahmed posted on 248am.com. The article has an easy-to-understand table that outline the most important and frequently ask articles in the Kuwait Labor Law.)

In a post dated July 30, 2014 on Official Gazette, Labor and Employment Secretary Rosalinda Dimapilis-Baldoz said that the Service and Recruitment contracts for Public Recruitment and Placement Agencies (PRPA) under the Kasambahay Law (Republic Act. No. 10361) has been translated and available into 12 local languages.