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Migrant Workers: Basic Financial Tips
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As contract foreign workers in any country, we are aware that we have only a limited time. That limited stay should be maximized in order for us not to resort to illegal stay here in Israel. 

Before anything else, I am again reiterating the value of attitude. Our attitude of committing ourselves to our goal defines our way to succeed. It all starts in changing our mindset about money. Generally, we are programmed to spend money on things we "want". It starts with "I want…" and eventually, contentment becomes elusive. We end up wanting more until we are drowning in debt. 

The following tips are simple, proven many times and are nothing new except that we need a sledgehammer to deposit it on our mind!( I am not exempted!)

  1. Release yourself from debts. This is a top priority. Pay the debts back home immediately and definitely avoid the loan sharks. Debts are like shackles that keep us from moving forward no matter how much we want to run.
  2. Outline your goals. Our goals should be written and on a place where we always see it when we wake up and before we go to bed. (Don’t forget to pray!)
  3. Inform and teach your dependents to be economically responsible and independent from your earnings. Telling them the truth (if the true to life stories on movies and television has no effect), that you are burning your ass working and the money you send are not picked from money trees.
  4. Save, Save, Save! Saving doesn't mean that we had to deprive ourselves of a few comforts or risking our health. What I'm trying to say is be practical like buying generic brands instead of branded products. In most cases, the quality is almost the same as the fancy label. Avoid impulse buying whenever we see something we like. I always convert the tag price to your local currency and believe me, it has a psychological effect like" am I buying this thing for this amount? ngek!". Step back and weigh it. It's true that "when we are in Rome, we should do what the Romans do" but in the long run, it's not worth it. You have a lot of chances to indulge yourself when you prosper.
  5. Determine your saving options and shop around for investing opportunities. Do not let your hard earned money wallow in a low-interest account. Let your money earn for you! Be careful of what kind of investment and who you are dealing with. There are a lot of Pyramid and networking schemes popping like mushrooms nowadays. Shop around, learn and get a good financial mentor.

And I would like to include a practice that I had learned from a good friend. Keep a separate and hidden nest egg. This is applicable especially for those who are married who have families who are totally dependent on their "financier". If all else fails, at least you've got something to use until the next application again to another country.

Guys, it's never too late to start and it's better late than never!

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