How to Avoid the One-Day Millionaire Trap
<p><span style="font-weight: 400;">Overseas workers frequently earn a lot more than they would back home. My friend Carlos pinched pennies the two years he was employed as a waiter in Dubai. He came home with P200,000 in his pocket, and promptly blew it as a down-payment on a brand-new Toyota Altis. He didn’t even know how to drive. Four months later, after struggling to find a new overseas contract, he’s peddling his car to whoever wants to buy it. At a heavily discounted price due to all the scratches and bumps a newbie driver places on a car. It’s a classic case of a person becoming a one-day millionaire.</span></p> <h2><span style="font-weight: 400;">Easy come, easy go</span></h2> <p><span style="font-weight: 400;">Overseas workers are kind of like lottery winners, in a sense. They have been chosen out of thousands that applied for the job. They have made it alive out of all the horror stories that befall a few unfortunate others. And like lotto winners, they come home with a lot of money. </span><a href="" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">70% of lottery winners end up bankrupt</span></a><span style="font-weight: 400;">, and you don’t want to end up like them.</span></p> <h2><span style="font-weight: 400;">Make boring choices</span></h2> <figure class="wp-block-image alignnone size-large wp-image-5152 size-full"><img decoding="async" loading="lazy" width="1024" height="576" src="" alt="How to Avoid the One-Day Millionaire Trap" class="wp-image-9777" title="How to Avoid the One-Day Millionaire Trap" srcset=" 1024w, 300w, 768w, 1200w, 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Sadly, you can&#8217;t afford the Ferrari</figcaption></figure> <p><span style="font-weight: 400;">It’s heady to know that you’ve got a lot of money in your pocket. And it’s very easy to think that this will last you a lifetime &#8211; it won’t. </span><a href="" target="_blank" rel="noreferrer noopener"><span style="font-weight: 400;">Investing</span></a><span style="font-weight: 400;"> it in stocks or funds is a very boring choice to make &#8211; particularly since you have nothing that you can see daily, like a car. It’s addicting to buy little things that don’t have a lot of impact on your savings, but give you a lot of satisfaction. These little things could add up to quite a bit, you know. </span><a href="" target="_blank" rel="noreferrer noopener"><span style="font-weight: 400;">Invest</span></a><span style="font-weight: 400;"> the lot, and forget about them until after you retire.</span></p> <h2><span style="font-weight: 400;">Hold off on that mortgage</span></h2> <p><span style="font-weight: 400;">You may think that investing on a house and lot right away is the best way to secure your future. Think again. Do the math first. How much would a twenty-five year mortgage cost in the long run? Will you be saving more in the end if you saved for a 50% down payment first? How will you be able to afford the mortgage payments if you got laid off? Will a smaller house be better for you instead of that dream four-bedroom bungalow?</span></p> <blockquote class="wp-block-quote"><p><span style="font-weight: 400;">“If you don&#8217;t find a way to make money while you sleep, you will work until you die.” &#8211; Warren Buffett </span></p></blockquote> <h2><span style="font-weight: 400;">Make your money earn more money</span></h2> <p><span style="font-weight: 400;">Overseas workers sacrifice their time away from family so that they will earn more money than they will back home. The idea is to work for a few years, then go back home and enjoy the fruits of their labors. The thing is, money runs out sooner than expected. Find a business suited to your or your partner’s strengths and go from there. Then you can come home for good.</span></p> <h4><strong>If you have not already signed up to, sign up now!</strong></h4> <div class="is-layout-flex wp-block-buttons"> <div class="wp-block-button"><a class="wp-block-button__link has-text-color has-background" href="" style="border-radius:50px;background-color:#00497a;color:#f5f5f5" target="_blank" rel="noreferrer noopener">Sign up</a></div> </div>