Hopeful OFW in Singapore

(The other week, I emailed Filipinos working all over the world to find out how the US global financial crunch is affecting one of the major sources of the country’s liquidity—the so called OFWs. Some are regular readers of MoneySmarts, while some are friends of another blogger Reyna Elena. They were very kind and replied and a short version of their emails (in the interest of space) were included in a feature I wrote for the Philippine Daily Inquirer. I am publishing this week in installments the full version of their emails. I hope the series will help us understand how Filipinos all over the world are affected and are responding to the crisis.) By Froilan Bulaong I’m 33, working in the field of IT here in Singapore. I have two kids, been working abroad for almost a year and my decision to work in Singapore is due to the fact that I believe I can afford to give better things in life to my family since I'm earning 10 times what I was earning in the Philippines. Some say that OFWs are not patriotic, but in my case, I have so many attempts to have a career in my motherland but sad to say, it never happened. Emerging economies like China, India, Vietnam, Korea and others in Latin America, are doing well. Things like these happen. In the past, we already had worse problems. It's just a matter of being prepared and learning new ways and techniques in investments. Right now, I only have the option to work in an 8-5 job, but I'm doing my homework to do some research and always being updated with the current economic trend (locally and globally). But I believe that in the near future, by learning new things especially in pursuing investments and to have that dream of retiring comfortably, I know I can do it. Pursuing that dream means not being discouraged by situations like what is happening now. *** This is the last of the installment of emails from OFWs around the world that I have received. I hope the series gave you an idea on the diversity of situations that are playing out for Filipinos out there. Thanks to all those who participated! Meanwhile, here’s something I received in an email that made me laugh out loud. Don’t know who to pat on the back for this, so let’s just enjoy. Remember, this is just someone’s way of having a break from the stress! New vocabulary emerging from the current global financial crisis: CEO -- Chief Embezzlement Officer CFO -- Chief Fraud Officer BULL MARKET -- A random market movement causing an investor to mistake himself for a financial genius BEAR MARKET -- A 6 to 18-month period when the kids get no allowance, the wife gets no jewelry and husband gets no…you know :-p P/E RATIO -- The percentage of investors wetting their pants as the market keeps crashing BROKER -- What my broker has made me STANDARD & POOR -- Your life in a nutshell STOCK ANALYST -- Idiot who just downgraded your stock STOCK SPLIT -- When your ex-wife and her lawyer split your assets equally between themselves FINANCIAL PLANNER -- A guy whose phone has been disconnected MARKET CORRECTION -- The day after you buy stocks CASH FLOW -- The movement your money makes as it disappears down the toilet YAHOO -- What you yell after selling it to some poor sucker for $240/share WINDOWS -- What you jump out of when you're the sucker who bought Yahoo @ $240/share INSTITUTIONAL INVESTOR -- Past year investor who's now locked up in a nuthouse PROFIT -- An archaic word no longer in use