Archive for Work Muna

The Realization…

am i now realizing?

that for the long term, i am suited to succeed on trading entrepreneurship vis-a-vis integrated farming?

if that is God’s Will… it shall be done!

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Stock Market – “Trading for a Living”

On stock market, trading for a living…

I commenced on it right after the day i settled back home…

now i had traversed more than 3 months, and still…

a work in progress, with some good results…

inspite of the storms and challenges that came to pass…

hey, wish me more luck :)

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Pinoy Financial Quotient”, pass or fail?

“pinoy Financial quotient”, pass or fail?

Sounds like a school examination, isn’t it? Yes it is an examination, But it’s actually beyond that. In my previous article, I roughly mentioned about Filipinos having low “financial IQ”. We are aware of the term IQ (intellectual quotient) and EQ (emotional quotient), But are we aware of this term Fin-Q (Financial Quotient)? This Fin-Q actually pertains to determining whether we are financially healthy; being financially secure and functioning well. Being financially healthy has to do with the intelligence of how to manage our finances, having the right attitude towards our finances; budgeting, saving, and financial planning.

Based on a study made by Citibank last January 2008, Filipinos have very low financial quotient. We have scored 47.8 points out of the possible 100 points. Some of the findings according to the survey are as follows; budgeting is not a habit for Filipinos. They don’t have monthly budget, and if they do, they do not stick to it. Secondly, insurance is not a priority-making us vulnerable to a much higher financial crisis. Savings is not automatic; they do not set aside money during salary day. In addition, Filipinos don’t have retirement plans, some have not started planning. It is either they don’t have an idea of how much they need for retirement, or they have some savings but don’t know if it is enough. The lack of this plan can be attributed to our culture of tending to look after or depending on our family especially to the adult children in case of need and retirement. Most of us also have savings that are not enough in cases of emergencies or retrenchment.

Do you share the same habits and attitudes as the rest of our countrymen? Personally, I felt very sympathetic when I saw the figures. This maybe one of the reasons why Filipinos seem to not better their condition. The scope of the result of the survey is very broad to tackle each and every aspect of it. The main thing here is that we should start examining ourselves and find steps to better our financial standing. Below are just some steps to consider to at least improve our Fin-Q individually.

Initially, it is necessary to assess our financial status. Determine what you have and how much you are getting monthly. Planning is the key to any goal that we want to meet. Sit down and figure out a budget for yourself/family monthly. Take control of your finances. Get a grip on your day-to-day spending. Take a look of what needs to be improved. The more you learn about how to manage your money, the more power you’ll have over financial pressure . . . and the less likely you are to succumb to that giant bag of potato chips or branded items. Write down everything you spend for a month, cut back on things you don’t need, and start saving the money left over or use it to reduce your debt more quickly.

It really pays to have a systematic savings program. Set aside money for savings then put a limit on your spending. Some of us save only after all the expenses have been incurred. Make it a habit to save on a monthly basis before you spend the rest of it. As much as possible, do not incur debts. Spend within your means. Pay on time if you are using a credit card so that you don’t have to pay for the charges and unnecessary interests. The recommended amount of savings is 20% of your salary. You can put this first in your savings account then you can opt to invest later in instruments that can give you a much higher returns. Build a cash cushion worth three months to six months of your living expenses in case of an emergency. If you don’t have an emergency fund, a spoilt fridge or damaged laptop can seriously upset your finances.

Another strong point that was stressed in the results of the survey is the insurance coverage. This term if not strange for Filipinos, suggests negative connotation. But we should leverage on this industry. The risk that we may encounter especially if there are people depending on us is very high. Taking up insurance coverage will transfer these risks to these companies. If something happens to us, we will not be thrown into much financial crisis. It is also a way of protecting our assets and our hard-earned monies, so we don’t need to spend and worry if something happens to us.

Lastly would be retirement planning. This is also something that does not concern most of our kababayans. They don’t plan at all and they are not aware of how much they need to have for a comfortable lifestyle. Take out the mindset of depending on our children to take care of us someday. Find out how you can start to save for your retirement and how much you need. It is better to start early and leverage on the compounding interest. The first thing to do would be determining what kind of retirement lifestyle you want to have. Seek the help of a financial consultant with this matter.

Financial planning is the key to financial health. However, a plan will remain a plan unless you take action. More importantly, review the changes that you may have along the way. Change your plans to suit your current status and needs, and then start again at the basic step. It is never too late to take steps to be financially healthy. Start today! Achieve your financial freedom. Let us start to do our part personally and in turn affect the nation in a much wider sense.

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Noriel Malacaman is an alumnus of UP Los Banos. He is currently working as a Financial Consultant representing the leading financial services company in Singapore. Email: noriel_malacaman@yahoo.comThis e-mail address is being protected from spam bots, you need JavaScript enabled to view it , HP: 96585754, PinoySG username: noriel_malacaman

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Overseas Employment Scams

Job seekers, interested in overseas employment that promises high pay, good benefits, free traveled adventure, should be aware that there are unscrupulous operators who have devised elaborate and very convincing scams to bilk unwitting, and often desperate applicants.

Before getting swept away with promises of exotic job opportunities, make sure you have thoroughly investigated the matter and know the potential risks involved in obtaining overseas employment.

Typical Overseas Employment Scams

Unlike legitimate employment firms that have permanent addresses, many unscrupulous operators run their so-called job placement firms from out-of-state, and may provide only a post office or mail drop address. Although there are legitimate firms with post office or mail drop addresses, job applicants should be aware that this practice, when used by unscrupulous operators, makes it easier for the operators to avoid scrutiny by their clients.

In many instances, law enforcement officials investigating a suspicious firm have found a “fly-by-night” operation. The scam headquarters, with little more than a desk and a telephone, may be based in one state, but operate out of other states, making it more difficult for the officials to track the operation.

Typical overseas job scams, include:

  • Firms that charge advance fees. These operations usually advertise in newspapers and magazines. The ads most frequently offer construction jobs, one of the industries hardest hit by a weak economy. Consumers who call the number, provided in the ad, are generally told that there are immediate openings available for which they are perfectly suited. But to lock in the job, they are told, they must pay a placement fee in advance. These up-front charges can range from $50 to several thousand dollars. Firms that charge these advance fees often are so eager to get the money in their hands and avoid using the U.S. mail service that they may send a courier to pick up the deposit, or require that it be sent via overnight delivery, at the applicant’s expense.

    However, more often than not, these firms actually have little, or no, contacts with employers and can offer minimal assistance, despite their service charges.

    Job seekers should not be duped by a firm’s promise of a refund, if no job or lead materializes. Most of these firms that require payment in advance do not stay around long enough for dissatisfied customers to get their money back.
     

  • Firms that charge a fee once they provide a job lead. A disreputable firm may fabricate job leads, or bring in a third-party to impersonate a potential employer, in order to get an applicant’s fee.
     
  • “900″ number operators. A “900″ number connected with employment opportunities may charge a high flat fee, or per-minute rate. In some instances,”900″ number operators may fail to disclose the cost of each call or, if printed, display it in fine print. As a result, callers may not be aware of how much they are spending. Some unscrupulous operators may even increase their fees by creating delays while the caller is on the line. In one case, for example, a consumer answered an advertisement instructing job applicants to call an”800″ toll-free number for more information. The message on that number directed the caller to dial a”900″ number to find out about job openings. The”900″ number, however, merely directed the caller to send a stamped, self-addressed envelope to have a job application mailed out. The consumer complied; received only a one-page generic job application, and was billed $39 for the phone call.

    The FTC now requires, among other things, that operators of “900″ numbers provide information on the cost of the call up front. When calling a “900″ number, be sure you understand the charges before continuing with the call.
     

  • Job listing services. There are many firms that make no promises to place you in a job. They merely sell a list of job opportunities, providing little assurance about the accuracy of the information. For instance, the information may be sold via a newsletter that features photocopied help-wanted ads from newspapers around the world. Many of the ads may be months old, soliciting jobs that already have been filled. In addition, the ads may not have been verified to ensure that the jobs actually exist.

    Some ads may be from countries with strict quotas that discourage the hiring of foreign citizens. Other publications may promise access to information on job opportunities, but provide nothing more than a listing of employers in various regions.

How to Avoid Employment Scams

Many job seekers have lost money to disreputable advance-fee placement firms. If you decide to use an overseas job placement firm, the best way to avoid being scammed is to learn as much as you can about the operation:

  • Ask for references. Request both names of employers and employees the company has actually found jobs for. Scam artists will typically defend their refusal to provide the information, claiming it is a” trade secret.” Or, they frequently claim that if they told you where the openings are, you would circumvent their services. These schemers may also cite privacy concerns as the reason for refusing to provide the names of people they have placed.
     
  • Check out reliability. Contact the local Better Business Bureau, as well as the state’s consumer protection agency, to find out if any complaints have been filed against the firm.
     
  • Avoid firms that operate solely via telephone or mail. Any reputable placement firm will almost certainly need to meet you before it can market you effectively to an employer. Be suspicious of any operation that claims it can place you with an employer, without meeting and interviewing you. Be particularly wary of firms that operate outside of the state where they advertise. In many instances, unscrupulous operators purposefully seek to distance themselves from their clients in order to avoid closer scrutiny. If they are ultimately challenged, the distance complicates an investigation by law enforcement authorities.
     
  • Find out how long the employment company has been in business. Also, ask what is the firm’s present financial condition. Compare the company, and the services offered, with other similar firms before you pay a fee.
     
  • Get  all promises in writing. Before you pay for anything, request and obtain a written contract that describes the services the firm intends to provide. Determine whether the firm is simply going to forward your resume to a company that publicly advertised a listing, or if it will actually seek to place you with an employer. Make sure that any promise you receive in writing is the same as what was stated in the initial sales pitch.
     
  • Research any information the firm provides to you before you make a commitment. Make certain the job actually exists before you pay a firm to “hold” a slot for you, and definitely before you make plans to relocate. Some unfortunate job seekers have been instructed to meet at a particular place to fly to their new jobs, only to find no airline tickets, no job, and often, no more company.
     
  • Check with the embassy of the country where the job is supposed to be located. Make certain that, as a citizen of another country, you are eligible to work there.
     
  • Ask if you will be eligible for a refund, if the leads the firm provides you are unacceptable, or do not work out for any other reason. If the firm has a refund policy, ask for specific written details that spell out whether you can expect a full refund, and if there are any time limits for receiving your refund. Even if you are promised a refund in a written agreement, read the fine print. A disreputable firm may include “red tape” that protects its interests, not yours.

    For example, one common scam is to include a requirement that job seekers check in regularly with the firm, at their own expense. Clients who unwittingly fail to make the required contact may forfeit their opportunity for a refund. However, they are not told this until they ask for the refund.

If You Are Scammed

If you have been victimized by an employment scam, you can help prevent these types of incidents from recurring by reporting it to the proper law enforcement authorities. They may be able to put the unscrupulous operator out of business and, in extreme cases, fine them heavily or even put them in jail.

Tips To Remember

  • Be very skeptical of overseas employment opportunities that sound “too good to be true.”
  • Never send cash in the mail, and be extremely cautious with firms that require a money order. This could indicate that the firm is attempting to avoid a traceable record of its transactions.
  • Do not be fooled by official-sounding names. Many scam artists operate under names that sound like those of long-standing, reputable firms.
  • Avoid working with firms that require payment in advance.
  • Do not give your credit card or bank account number to telephone solicitors.
  • Read the contract very carefully. Have an attorney look over any documents you are asked to sign.
  • Beware of an agency that is unwilling to give you a written contract.
  • Do not hesitate to ask questions. You have a right to know what services to expect and the costs involved.
  • Do not make a hasty decision. Instead, take time to weigh all the pros and cons of the situation. Be wary of demands that “you must act now.”
  • Keep a copy of all agreements you sign, as well as copies of checks you forward to the company.

G84.12/95
Overseas Job Scams © 1995
Copyright 1995 by the Council of Better Business Bureaus, Inc.

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Top 10 Internet Scams

1) The Nigerian scam, also known as 419

Most of you have received an email from a member of a Nigerian family with wealth. It is a desperate cry for help in getting a very large sum of money out of the country. A common variation is a woman in Africa who claimed that her husband had died, and that she wanted to leave millions of dollars of his estate to a good business.

In every variation, the scammer is promising obscenely large payments for small unskilled tasks. This scam, like most scams, is too good to be true. Yet people still fall for this money transfer con game.

They will use your emotions and willingness to help against you. They will promise you a large cut of their business or family fortune.

All you are asked to do is cover the endless legal and other fees that must be paid to the people that can release the scammer’s money.

The more you are willing to pay, the more they will try to suck out of your wallet. You will never see any of the promised money, because there isn’t any. And the worst thing is, this scam is not even new; its variant dates back to 1920s when it was known as ‘The Spanish Prisoner’ con.

2) Advanced fees paid for a guaranteed loan or credit card

If you are thinking about applying for a “pre-approved” loan or a credit card that charges an up-front fee, ask yourself: “why would a bank do that?”. These scams are obvious to people who take time to scrutinize the offer.

Remember: reputable credit card companies do charge an annual fee but it is applied to the balance of the card, never at the sign-up. Furthermore, if you legitimately clear your credit balance each month, a legitimate bank will often wave the annual fee.

As for these incredible, pre-approved loans for a half-a-million dollar homes: use your common sense. These people do not know you or your credit situation, yet they are willing to offer massive credit limits.

Sadly, a percentage of all the recipients of their “amazing” offer will take the bait and pay the up-front fee.

If only one in every thousand people fall for this scam, the scammers still win several hundred dollars. Alas, far too many victims, pressured by financial problems, willingly step into this con man’s trap.

3) Lottery scams

Most of us dream of hitting it big, quitting our jobs and retiring while still young enough to enjoy the fine things in life. Chances are you will receive at least one intriguing email from someone saying that you did indeed win a huge amount of money. The visions of a dream home, fabulous vacation, or other expensive goodies you could now afford with ease, could make you forget that you have never ever entered this lottery in the first place.

This scam will usually come in the form of a conventional email message. It will inform you that you won millions of dollars and congratulate you repeatedly. The catch: before you can collect your “winnings”, you must pay the “processing” fee of several thousands of dollars.

Stop! The moment the bad guys cash your money order, you lose.

Once you realize you have been suckered into paying $3000 to a con man, they are long gone with your money. Do not fall for this lottery scam.

4) Phishing emails and phony web pages

This is the most widespread Internet and email scam today. It is a “sting” con game. “Phishing” is identity and password theft based on convincing emails and web pages. These emails and web pages resemble legitimate credit authorities like Citibank, eBay, or Paypal. They frighten or entice you into visiting a phony web page and entering your ID and password. Commonly, the guise is an urgent need to “confirm your identity”. They will even offer you a story of how your account has been attacked by hackers to lure you into entering your confidential information.

The email message will require you to click on a link. But instead of leading you to the real login https: site, they will to a fake website. The fake website is often very convincing looking.

You then innocently enter your ID and password. This information is intercepted by the scammers, who later access your account and fleece you for several hundred dollars.

This phishing con , like all cons, depends on people believing the legitimacy or their emails and web pages. Because it was born out of hacking techniques, “fishing” is stylistically spelled “phishing” by hackers.

Tip: the beginning of the link address should have https://. Phishing fakes will just have http:// (no”s” . If still in doubt, make a phone call to the financial institution to verify if the email is legit. In the meantime, never click on the link in any suspicious email.

5) Items for sale overpayment scam

This one involves an item you might have listed for sale such as a car, truck or some other expensive item. The scammer finds your ad and sends you an email offering to pay much more than your asking price. The reason for overpayment is supposedly related to the international fees to ship the car overseas. In return, you are to send him the car and the cash for the difference.

The money order you receive looks real so you deposit it into your account. In a couple of days (or the time it takes to clear) your bank informs you the money order was fake and demands you pay that amount back immediately.

In most documented versions of this money order scam, the money order was indeed an authentic document, but it was never authorized by the bank it was stolen from.

In the case of cashier’s checks, it is usually a convincing forgery. You have now lost the car, the cash you sent with the car, and you owe a hefty sum of money to your bank to cover for the bad money order or the fake cashier’s check.

6) Employment scam

You have posted your resume, with at least some personal data accessible by potential employers, on a legitimate employment site. You receive a job offer to become a “financial representative” of an overseas company you have never even heard of before. The reason they want to hire you is that this company has problems accepting money from US customers and they need you to handle those payments. You will be paid 5 to 15 percent commission per transaction.

If you apply, you will provide the scammer with your personal data, such as bank account information, so you can “get paid”. Instead, you will experience some, or all, of the following:

* identity theft,
* money stolen from your account, or
* may receive fake checks or money orders for payments which you deposit into your account but must send 85 – 95 percent of that to your “employer”.

Soon you will owe much money to your bank!

In other instance, you will receive an unsolicited e-mail message from a “multinational company” congratulating you for being selected for a specific job. The e-mail contains details about the “hiring company”, the positions needed, and a very enticing compensation package.

You will be asked to send money through Western Union as processing fee or reservation fee.

7) Disaster relief scams

What do 9-11, Tsunami and Katrina have in common? These are all disasters, tragic events where people die, lose their loved ones, or everything they have. In times like these, good people pull together to help the survivors in any way they can, including online donations. Scammers set up fake charity websites and steal the money donated to the victims of disasters.

If your request for donation came via email, there is a chance of it being a phishing attempt. Do not click on the link in the email and volunteer your bank account or credit card information.

Your best bet is to contact the recognized charitable organization directly by phone or their website.

8.) Travel scams

These scams are most active during the summer months. You receive an email with the offer to get amazingly low fares to some exotic destination but you must book it today or the offer expires that evening. If you call, you’ll find out the travel is free but the hotel rates are highly overpriced.

Some can offer you rock-bottom prices but hide certain high fees until you ’sign on the dotted line’. Others, in order to give you the ‘free’ something, will make you sit through a timeshare pitch at the destination. Still others can just take your money and deliver nothing.

Also, getting your refund, should you decide to cancel, is usually a lost cause, often called a nightmare or mission-impossible.

Your best strategy is to book your trip in person, through a reputable travel agency or proven legitimate online service like Travelocity or Expedia.

9) “Make Money Fast” chain emails

A classic pyramid scheme: you get an email with a list of names, you are asked to send 5 dollars (or so) by mail to the person whose name is at the top of the list, add your own name to the bottom, and forward the updated list to a number of other people.

The author of this scam letter painstakingly explains that, if more and more people join this chain, when it’s your turn to receive the money, you might even become a millionaire!

Bear in mind that, most times, the list of names is manipulated to keep the top name (the creator of the scam, or his friends) on top, permanently.

As with the previously circulating snail-mail version of this chain, the email edition is just as illegal. Should you choose to participate, you risk being charged with fraud – definitely not something you want on your record, or resume.

10) “Turn Your Computer Into a Money-Making Machine!”

Although not a full blown scam, this scheme works as follows: You send someone money for instructions on where to go and what to download and install on your computer to turn it into a money-making machine — for spammers.

At sign-up, you get a unique ID and you have to give them your PayPal account information for the “big money’ deposits you’ll soon be receiving. The program that you are supposed to run, sometimes 24/7, opens multiple ad windows, repeatedly, thus generating per-click revenue for spammers.

In other scenario, your ID is limited to a certain number of page clicks per day. In order to make any money whatsoever from this scheme, you are pretty much forced to scam the spammers by hiding your real IP address with Internet proxy services such as “findnot”, so you can make more page clicks.

I won’t even go into the discussion about what this program will do to your computer’s performance… it is a true tragedy if you get conned into this scam.

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