Retire Rich

In this tutorial, I will walk you through on how to withdraw money from COL Financial online. Just recently, COL announced the availability of online withdrawal. I tried this feature and I will share with you how to withdraw money from COL financial using the newly added feature -- online withdrawal. Two things you I will show you here. 1. To withdraw money from COL online instead of filling up hard copies of withdrawal form and send to COL. 2. Request to deposit the amount to your enrolled bank directly.

Without further delay, here's how:

Step 1. Log-in to your COL Financial account. 

Step 2. In the Home Page, select the Trade tab and then click the Portfolio submenu.   

Step 3. In the Portfolio Page click the Withdrawal Request link. 

Step 4. Read the "Terms & Conditions" of online withdrawal and then click the "Accept" button. 

Step 5. Fill the online withdrawal request form.

1. Enter the amount you wanted to withdraw.
2. Select "Yes" to deposit the intended amount to withdraw to your enrolled bank account. Another window will pop-up to let you confirm the enrolled bank account details. Click "Confirm" and then click the "Submit" button.
3. Select "No" for Check pick-up. 
4. Select "No" for Uncross Check.
5. Select "No" for withdrawal through a Representative. It is obvious to select No as we intend to let COL deposit the money directly to your enrolled bank account.  

Step 6. After completing the five sub-steps in Step 5, click "Submit" button. 

Note that the proceeds of the stock sale of the day -- withdrawal will be processed only after three trading days (t+3).

I tried the online withdrawal facility, first by logging in to my COL account, select the "Trade" tab and then click the "portfolio" submenu. Go to the withdrawal request link as shown below screenshot and click. Then follow as instructed. 

It is a very much welcome development for Cemex (CHP) shareholders that APO Cement's two kilns at their plant resumed its operations.

In a disclosure to the PSE, CHP announced that it has resumed the operations of its two kilns in Apo plant.

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.