Conversation 2: Questions Regarding the Union of European Nations (Part 2)

Disclaimer: the contents featured in the following conversations do not necessarily reflect the author’s opinion.

Two winters ago, overheard in a café somewhere in the north…

Daughter in law (D): I can’t believe those beggars (shakes head). How can they can stomach using their own children to beg for money even during cold, winter months? The parents should be reprimanded, and the children be taken to foster care. And if they don’t want it, then they should go look for jobs.

Mother in law (M): I know. Most of them are Romanians or Bulgarians. Worse is, they form groups of 3 or 4 and pick pockets! I don’t want them here.

D: You know that’s not a politically-correct thing to say, right?

M: I don’t care. They shouldn’t be here. Mind you, I’m talking about the beggars and the pick pockets. Those who are working should stay. But the rest should be deported. They don’t contribute to anything here.

D: Still…

M: No, you listen to me. My friends and I always see a beggar at the entrance of a supermarket back home. She’s there everyday from morning until past midday. So one day, one of my friends offered her to work as a domestic aid. Guess what she answered?

D: Obviously she said she didn’t want to.

M: Exactly! the nerve! I felt really indignant. I wasn’t able to help myself so I told her, “Oh, so you must really be more comfortable begging, rather than exerting extra effort and getting a job, huh?”. She stared at me and I had to keep on walking. I was so mad.

D: I wonder why they don’t want to work. I mean, even if we conclude that it’s more comfortable to just stretch out your arms for people to drop coins in your hands… a job is still more stable, not to say secure choice for the person and his or her family.

M: Me? I wonder why they don’t just beg in their own countries. Romania and Bulgaria are already part of the European Union. They are already receiving funds to develop their economies and to subsidize low-income people. Why would they choose to come here when they could easily stay at their homes and receive government aid? Much like the people in this country, who refuse to be under-employed because their lives are more comfortable in their houses while they receive unemployment allowance…

D: Well, if you put it that way… if they chose to come here despite of what you just pointed out, then the easy answer would be that, the funds don’t reach to where they should. That is to say, those who manage the funds must be pocketing it for themselves.

M: Isn’t a clean, transparent governance part of the requisites to be an EU member?

D: Yes, but the markets promised by those countries are far more important for the Union. You know? so certain countries are more or less assured of having people buy their goods.

M: … (makes a face)

D: So, are we ordering more coffee or what?

*-*

It was the beginning of summer 2016 and four friends were riding the InterRail en route to Brussels…

Friend 1 (1): What just happened yesterday?

Friend 2 (2): Oh f*ck, the Brits voted Brexit, that’s what happened! silly fools…

Friend 3 (3): Tell that to them. I’m sure they feel even superior, if possible.

Friend 4 (4): Oooookay, no need to insult or cause any offense to anyone…!

2: As much as I respect you, I must say, your people are crazy, guillible, a**holes! Ha-ha! I’m sorry, I’ve never been this entertained since last year’s Eurovision…

4: Well, in the defense of my people, I should say, “We know what we’re doing”. But really, I don’t think we do. So yeah, you must be on to something there! Haha!

1: That’s like a big, fat slap on EU’s face, don’t you think? That’s like a really, really bad break up… no, no! It’s the promise of a very ugly divorce…

3: So much for a “union”…

(Everybody snickers)

3: I’m very curious as to how Brussels would manage this situation. I mean, how will the EU stand as a strong competition for other economic blocks when its nations appear divided?

2: You’re in a shrink’s mood today, aren’t you? Could you take a break? We’re on holidays!

4: No, no, wait… she’s right. If you look at it, the EU needs more than all the super glue it could collect to present a united, well, presentation.

1: To project, dude! to project… we’re on holidays from school, not from using our brains…!

4: Yeah, whatever…

2: Hey, the shrink might be right. Just this morning I heard from the radio about how different Northern Europe is to Southern Europe. And not just character-wise, mind you.

1: Now that you mention it, well yes, it makes sense. And wasn’t that the argument of those who were anti-single currency advocates? that basically the difference in the standards of living, reflected in prices, could do more harm than good for those entering in the single currency zone?

3: Actually I wanted to point out the difference between the left-wing Europeans and the right-wing ones. You know, those who want to steer the Union towards a Superstate versus those who aim for Federalism… It’s not enough that all politicians and decision-makers want a better Europe for the Europeans. They have to map out how to achieve that.

2: Yes, we know. The spenders versus the austere ones.

3: Well, you have to spend SOMETHING to guarantee a minimum, decent quality of life for the citizens!

1: Or you could save up for the rainy days…

3: BUT WE ARE IN THE RAINY DAYS!

4: Yeah, well, you can aaaall relax, as there’s no point in arguing. The left-wingers would soon be outnumbered anyway, if not banished from Brussels…

3. So basically you’re saying that we’ll be better off scratching our balls?

4. Or scratching it for each other, if you’re so bent over helping your fellowman.

2: Heeey! I’m the tactless brute of the group! Don’t take that away from me!

*-*

Early autumn last year, an uncle and nephew take a walk in a park…

Nephew (N): I’m really excited! Soon I’ll be living in a different country, with an interesting job… even if the pay’s not the best, at least I get to have this experience.

Uncle (U): Good for you. I hope you meet a nice girl and settle down.

N: I’m not going there to find a bride! But I heard the women are pretty over there…

U: Yes they are. So don’t get married, just hook up with as much girls as possible. He he!

N: (Blushes) Anyway, I feel kind of sad, though.

U: Well, homesickness is normal. But I guess your mother would visit you every month so no need to be sad about missing her! (snorts)

N: No, I feel sad because all through my student life, I was a scholar. All my school expenses were paid for by the government. And now, the thought of “serving” another country makes me feel bad for ours. I really wanted to give back.

U: Hm…

N: Anyway, one thing is to feel bad because of that. Another is to feel awful when I realized that only capital and goods can truly freely move around EU. Movement of labor is still very much restricted.

U: I’m listening.

N: This system is giving young people like me very few choices. Either stay in your country and be bored out of your wits as you’ll be unemployed. Or, go find a job somewhere else in the EU, where you’ll have a theoretical “advantage” above applicants from countries outside of it.

U: There’s the choice of working outside the EU.

N: Yes, but the point is to be closer to home.

U: Okay. Go on. Why do you say the movemet of labor is restricted?

N: For starters, I met recruiters who prioritize candidates from local universities. WHY? Anybody could be just as good as their locally-produced graduates.

U: What else?

N: I heard that I won’t be receiving my social security card for sure at least 6 months. So whatever health expenses I would have during the waiting period, I’d have to shoulder myself. Why? I mean, I can understand if it’s a month, if they want to wait for my tax. But 6 months? I’m an EU citizen!

U: Hmp!

N: I mean, sure, they’d reimburse me for the expenses but it wouldn’t be automatic, I’ll have to wait for some weeks. I really don’t understand. All this would simply discourage foreigners to work in their country. Meh… but, wouldn’t it be more enriching if labor markets were more open?

U: Enriching for some, not all. Especially not for the politicians.

N: Are you changing the subject again because you want to talk about politics and complain about that long-haired guy?

U: Listen. Whenever there’s an initiative or a feasible idea which is good for the general population but is not being implemented, that is because the politicians wouldn’t get anything from it. Think. What would garner more votes? a promise to open up the labor market and toughen the competition for all job applicants? or perhaps a promise to protect and prioritize national workers against “invaders”, threatening to “flood” the labor market with their offer of “cheaper” salaries?

N: Hm…

U: Believe me, if you were a citizen of your future new home, you’d be offered a permanent contract. But you’re not, I mean, you can’t influence elections over there. You mean nothing to the political class.

N: Oh well! I guess the good news is that I could be returning home soon, huh?

U: Not if you find a girl to marry, you won’t! (winks)

-The end-

Click here to read Part 1 and here to read Conversation 1.

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Personal Interview

It was a fine Monday morning when a dear colleague from Human Resources approached me quite excitedly. I honestly thought she was going to ask or share some tips about child rearing, as we are both first-time moms. Never did I imagine that she would ask me if I wanted to be interviewed for the official, internal blog of the Foundation where I work.

Clearly at this stage of my life, I have already had various interview sessions both as the interviewer and the interviewee. However, this is the first time I got interviewed with the aim of sharing the content (ergo, my thoughts) to the public! I had to pause with disbelief. I’m a very opinionated person but then I thought, “Who would want to bear with me and my craziness on purpose?” I mean, would you dare, dear reader? If you would, then without further ado, let me share with you the translated version of the said article. (For those of you who wants to read the original version in Spanish, just click the following link: Entrevistamos a Karessa Ramos, Comunicación y Relaciones Externas _ Nos-otros)

-*-

We interview Karessa Ramos, from the Communications and External Relations Department

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L-R: Leo, Carlos and Karessa, taken along the Coulée Verte (Paris 12ème)

Briefly tell us: how would you describe yourself?

According to me, I’m flexible. According to Filipinos, “Marunong makisama” which roughly means someone who knows how to get along well with others. Lastly, according to my family and friends, tenacious.

Imagine that you could only have one hobby. What would it be? and why would you choose it?

Cooking and baking. I love the whole process, from going to the market to buy the ingredients, to tasting the finished product (of course). I don’t know exactly why I like it. Perhaps it’s because sharing food is vital within the social life of us Filipinos.

How did you come to work at the BBVAMF (BBVA Microfinance Foundation)?

I started out as an intern, hired to work for a few months in Bancamía (the Foundation’s entity in Colombia), with the Finance Department in 2010. Luís Germán Linares was still VP for Finance at that time. (Did you know that I got an offer to work for them?) When my “apprenticeship” ended and I had to return to Spain, I consulted  whether there was any vacant posts I could vie for in the Foundation. It turned out that a vacancy just opened up at the Finance Department and that was where I started: collaborating in the elaboration of the Annual Consolidated Financial Report, with my first mentor, Ana Nogueras.

Come on… Tell us a funny moment you’ve had in the BBVAMF.

It was during one afternoon in the office and I was checking some PPT templates. I had my headphones on and was listening to ’80s songs and when Kylie Minogue’s song played, I started singing without realizing it, and my officemates started to stare. I suddenly saw some of them turn their heads down smiling, or maybe they were laughing. Later on, I understood that it was because I sounded like a cat… Well, for me it was funny, but maybe for the rest it was annoying, hehehe! (Let’s ask Victor H.)

What do you consider your greatest achievement?

The lessons I learned are my greatest achievements. And among them, I really treasure having learned to be more assertive and empathetic (although a lot of work has yet to be done). If I may add another thing: I am also very proud of the relationships I’ve established through the years. I’m surrounded by good, kind, intelligent and trustworthy people. They help me think, they laugh with me (and at me, I suppose), they cry with me, eat with me… they offer excellent company and I learn a lot from them.

What has been your happiest moment?

When I survived my son’s birth in France. There was a moment when I was actually thinking of leaving final instructions to my husband because I already accepted I wouldn’t last for very long. So when the doctors announced that they could solve my issues, I felt really happy. Most of all, that wave of happiness came when I started realizing I was going to live for at least another day!

Where would your ideal vacation be?

In my hometown, in the Philippines.

If you could learn something new, what would it be?

I’d learn how to ride a horse.

If  you could transform into another person, who would it be and why?

I would like to be transformed into my grandmother, and experience how it is being my own mom’s mother, HAHAHAHA! Seriously now, my maternal grandmother was the first enterprising woman I’ve ever met. She was strong like no other: she separated with my grandfather, taking charge of her four children with a teacher’s salary, she learned how to cook many kinds of plants so her family wouldn’t go hungry… when she retired, she improved her cooking skills and started a catering business so she wouldn’t depend on her children for her expenses. Furthermore, as a teacher, she would stay until late in the school, tutoring the students for free and she wouldn’t go home until they caught up with the lesson. I would like to be a woman like her: committed, intelligent, creative, generous and with the desire to transform her environment. The reason is because I’m seeing the legacy she left behind, the values and principles my cousins and I possess. And I also see how we are trying to pass them onto our own children.

A dream?

I wish for women’s situation to be normalized. That is to say, for us to stop feeling pressured to prove ourselves as valid as men; for us to fearlessly express our femininity whichever way we want to; that our happiness, value and aspirations not be measured with masculine metrics; that we stop judging ourselves and the competition that supposedly exists among us be converted into solidarity and cooperation.

While we’re dreaming… What would be your super power?

I would like to have the power to teleport. Is that how you say it? I like traveling a lot and that would cheapen the fare, hahaha!

Anything else you want to share about yourself?

I love eating. And you know it!

The former interviewee would like to ask you: if you could travel to the past, where and insist period would you have liked to live?

I would like to travel to the Philippines during the precolonial era.

.

What do Motherhood, Women’s Issues and International Cooperation on Development have in common?

While the smarter lot of you mentally ennumerate the common denominator of these three most important aspects of my life, let me get ahead and share what’s on my mind: MEDDLERS. I’m thinking about meddlers.

1. Motherhood and meddlers

I’ve only been a mother for 20 months, and one thing I can tell you for sure is that there is no “one-size-fits-all” solution to the same problem suffered by babies and mothers. Despite of this fact, there are those who still insist on imposing their beliefs, recipes and answers on other people.

Generally, I’ve observed that mothers are usually open to suggestions. Yet, I can’t help but notice the initial reactions to an advice they reject: insistence, further display of proof on the recommendation’s effectiveness, openly unfair judgement and finally, criticism. Surely, one should not have to go through all these just because they decide not to follow an advice. As for the “well-meaning” purveyors of knowledge… don’t they understand the fact that each of us is molded by our particular circumstances, pasts, beliefs and aspirations? Therefore, the solutions or remedies we end up choosing are adapted to our unique situation.

I always wonder whether “wanting the best” for the mother and the baby is the real reason why some people really force their opinion on others. The way I see it, if somebody truly desires the best for the other, then there must first be comprehension: of the problem, of the context and most importantly, of the diversity. This would allow for a better flow of communication. This would facilitate the process of achieving that “best” for the person in need.

In my short experience in motherhood, I learned that happy babies (a common goal for parents) result from being well-fed, well-rested and being around happy caretakers. Equally important is the confidence with which their caretakers do their jobs: if the caretaker is relaxed, the baby is most probably also going to be relaxed. So basically for me, what would really help mothers taking care of a baby is to feel empowered, to have self-confidence and be convinced that they’re doing a good job in raising a human being. The rest can be learned from books and online fora.

I’m lucky to be living where I am, to have resources that I could tap and people who truly support me. This period of my life would be much tougher otherwise.

2. Women’s Issues: when the champions become the meddlers

Currently, I find that that the foundation of women’s rights movement from the past has been eroded in time. I’m talking about solidarity and compassion. These two characteristics are strongly present in the feminine and have fueled the fight for women’s freedom and equality (equity) with men. Lately I’ve been noticing though, that a lot of arguments supporting the advancement of women’s rights sound more of a modern-day colonization than a genuine concern for our sisters’ well-being and progress. By “wanting the best” for all of us women, the very champions for our rights and development are forgetting that even though women may have the same basic needs and rights, the manner of procuring what they need, and the way with which they exercise their rights (if ever they choose to, at all) should be delegated to them- they know better than us what it means in their own societies to advance and progress. They know better than us how they want to live their own lives.

Consider how women’s rights movements started locally, where women gathered and started the battle for a more just treatment socially, economically, and politically, to name a few. When globalization came about, it was only natural for these initiatives to be projected onto other territories, crossing the national frontiers. Even though the intention was (it still is) noble, the explanation of its necessity as well as the method of implementing it are both flawed. Flawed because I believe some activists skipped a couple of vital steps in order to practice solidarity and compassion: inquiring and then listening. One can’t help but think some simply assumed that women in Sub-Saharan Africa have the exact same concerns as the ones living in Phoenix, Arizona.

From then on, a certain type of mentality has been imposed and women who did not adhere to such beliefs were criticized and in some cases, even marginalized by those who were supposedly fighting for their sake. Ironic.

3. International Cooperation on Development: helping or meddling?

When I graduated from college, the main lesson that really stuck was: “There is not a ‘one-size-that-fits-all’ solution to the same problem experienced by two or more different groups/communities. The answer should always be adapted to the specificities of each situation. “

The goal of exerting efforts towards cooperation for international development is to redistribute resources: from those who have them to those who do not. Obviously. Easy enough to understand. Now comes the dilemma of “how” to do it.

Studies have already proven that solutions imposed by developed countries with no grassroots basis usually end up becoming a waste: of money, time, effort and natural resources. Any Developmental Economist would agree that the solutions must come from a collaborative effort between the one who’s helping and the receiving end. That’s why it’s called “cooperation”, right?

However, it has always been the donor “wanting the best”, the donor’s criteria that seemed to dominate in this field: what they believe is “just”, what they think is “effective”, and what they “know those people need”. Thankfully, times are changing and workers in international cooperation are more sensitive to this topic. More and more, the aid given to a target community takes the form of enhancing the existing, local capacities rather than imposing a foreign technique. There is still a long way to go but awareness of this issue is already a big step forward.

Conclusions

While motherhood is a relatively new event in my life, it has deepened many notions in me, and is currently opening up other aspects of my understanding that I never even thought existed. On the contrary, women and development issues have always been part of my life, having grown up in a family whose bread and butter comes from the intent to make this world a better place.

Knowing what I know, I try to believe that it is truly the sense of compassion that moves people to torturously insist on the reliability of their solutions. I try to convince myself that they simply wish to see in others the same fruitful effects of their applied techniques.

Unfortunately, no two situations are equal. So basing on this, the person receiving the advice may consider that the proposed solution doesn’t fit his situation.

In my constant need to map out methods, this idea occurred to me: within the framework of “helping”, I suggest that under the “advice” category, two sub-categories be opened in the form of advice accepted and advice rejected. Help that was given or offered doesn’t have to end in relaying an opinion and leaving it as that. A person with a real concern to help, to make a change, would see if the other would take up on his counsel or not. And in the case where it is rejected, he would try to find out why; perhaps not to annoyingly try to solve the problem, but to learn.

Advice

Learning would mean the world between the meddlers and the “legit” bearers of help. An informed person in front of another who’s in a dilemma could do more by simply listening, than one who would blindly exert an effort to achieve a change in the situation.

I encourage you to think about it.

Adulting and Money Management 4: The Money that They Owe You

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Image courtesy of: http://www.luckymojo.com

This article is inspired by several Facebook posts pertaining to the irony that it’s the money lender who feels shame when asking their money back, instead of the other way around. Especially when it comes to following up a late payment.

At first, after a talk with one of my friends, I thought that the main problem lies in assertiveness, or the lack of it. And then I thought that perhaps certain cultures encourage assertiveness, more than others but it really is not the question. I didn’t do the numbers, but it’s clear how what I thought was a cultural aspect in lending money, is actually a very personal choice of each son of a man. That is, the choice whether to “donate” or “collect” the amount of money that was lent.

But I’m getting ahead of myself, because even before a payment could be followed-up, there must have first been a pledge to do so.

I myself have rarely lent money to anyone, perhaps because I give the impression of being riff-raff (hahaha!). But whenever I did, I made sure both parties understood and agreed that the money being exchanged was a loan, and not a gift. And in the case where the money were a gift, I also made that very clear.

Risking to state the obvious, the difference between a loan and a gift is that the former has to be returned to the money lender at a given time, with a given interest rate. The latter is simply to be graciously accepted and appreciated.

Now, the problem with some people is they are easily caught by surprise and instead of thinking twice before lending money, they immediately agree to “giving” something that is to be returned “in the future”, “without haste”. In 98% of these cases, no payback ever takes place.

In the world of adulting, taking time to think before acting is basically lesson number 1. In the more specific town of adulting and money management, this moment for reflection becomes as necessary as breathing. Every cent counts, whether it be a past, present or a future cent of a currency. As thus, lending money means sacrificing having the “cents” today with a guarantee of getting them back in the future. In the case of giving, the former sentence would end after the word “sacrificing” and that would be it.

Personally, what I usually do when asked for a loan is to:

  1. Ask how much they need
  2. How urgent they need it
  3. When can they repay me
  4. How will they procure the money to repay me

If I’m satisfied with the answers to the former questions, I tell them that I’d think about it. Afterwards, I ask myself:

  1. How will lending a certain amount of money affect my budget until it gets repaid?
  2. Will I be alright if I never get to see that money again?

If, after analyzing my own situation, I still choose to lend my money, I make the following very clear when I finally decide to go ahead with the transaction:

  1. I make sure they understand that the money has to be returned
  2. I make sure that we both agree on the date of repayment (with or without interest)
  3. I would make them understand that although I don’t need that money now (and that’s why I can lend it to them), I would need it in the future.
  4. Depending on how much I trust the borrower, I would make him sign an agreement including a clause which mentions a possible collateral

(Are you still wondering why people don’t borrow money from me?)

You might be asking: what if, at the agreed date of repayment, the borrower refuses/cannot/does not return the money?

This is where the importance of assertiveness comes in. Being firm in reclaiming what is his own actually helps achieve the goal. And in the case they still refuse to pay you, then this is where a signed document would be useful.

In some instances, no amount of assertiveness can ever get a borrower to pay up. No matter how many touching, beautiful speeches are delivered, they wouldn’t budge. Because the truth is, the list that I wrote above- it’s just me. In real life, and depending on many other factors, the things I just said would be easier said than done.

So what is best advice I could give? be wise, and before you lend an important amount of money, make sure that your finances are sound enough in case you don’t get it back.

Happy lending!

 

Adulting and Money Management (3.2): The Money That I Owe by guest blogger Gino

Foreword by Colorfulifesite admin:

Gino’s experience differs a lot from that of Edward, not only because of the generational gap but because of the way the former decided to approach his debt dilemma. The fact that he has not had time to save enough money to be considered “financially stable” is a great factor in his decision to pay his debts with another loan. Now normally, people are advised against this because as you might already guess, it does pose a risk of entering into a debt cycle from where it could then be very hard to exit. It takes discipline, focus and great will power to not fall into a credit trap. Most importantly, Gino did not only take another loan to pay his initial debt- he also made it a point to earn additional money from various sources of income. But I don’t want to get ahead of myself. Dear reader, learn and enjoy!

***

Karessa asked me why I volunteered to be a guest blogger in Colorfulifesite Blog. The truth is I’m really eager to inform people about how I somehow recovered (slowly) and survived from my personal financial crisis. I would also like to share my experience, in case it could give them options on how to solve their debts.

Resultado de imagen de debt

Image courtesy of: http://www.fitslimstrong.com/

The Backstory:

Several years ago, my friends and I set up a corporation. It was the first business venture of my life. Needless to say, I was new to the corporate world and had not even the fundamental knowledge of things. I just took the opportunity. It was a “strike while the iron is hot” kind of thing. I was excited and impulsive at the same time that I didn’t even bother to educate myself, believing that I could learn along the way. Likewise, I joined the business world without any “financial muscle” because supposedly my contribution would be my skills. (Actually, the majority of the founders didn’t have money to invest. All we had were our Information Technology or IT skills.) This was why we needed an investor to sustain the various costs of this venture: marketing expenses, logistics, employees, and so forth.

One of the founding members met a potential financier who we all thought was an angel investor. After me and my friends agreed on his participation, he gave us a big amount of money as seed funds. We divided the financial responsibility and assigned each one an amount to be paid to the angel investor when the time came. All along, we believed that we would pay him back upon the success of the company’s project. After the papers were signed, the corporation became a legitimate one.

Unfortunately, things eventually started to go downhill due to the company’s internal issues. These issues imploded up to a point where I had to personally borrow money from loan sharks just so I could pay our employees’ salaries. I was confident I could pay the loan sharks, but little did I know that a deeper financial trouble was about to blow up in our faces:

What we thought was an angel investment was actually not. It turns out we signed a document stating that he was loaning money to the corporation, not investing! Furthermore, the terms stated that the loan should be paid within a year.

To top this all off, I have acquired credit card bills as well as other personal debts to settle.

Resultado de imagen de loan shark

Image courtesy of: https://es.123rf.com

Thankfully, the debt to the “investor” was cleared by the person who invited him to the corporation. Still, I found myself looking at an important financial dent.

The Debt Story:

I had to start getting rid of the accumulated debt I still have. So what I did was that I sold everything I could and pawned some of my belongings. That gave me some “starting money” to do something about my debts.

Resultado de imagen de debt

Image courtesy of: http://www.kiplinger.com/

Likewise, I returned to my parents’ house to save on rent and started recycling some things, like my old computer. Most importantly, I got help from my family in getting a loan to pay the loan sharks. My mom helped me get loan from cooperatives (Credit Unions) that give a lesser interest rate and a longer period payment plan. Loan sharks’ conditions of payment were tougher than a bank’s, so it was of my great interest to get them off my case as soon as possible. That’s the bad thing about getting a loan that doesn’t require any type of verification such as tax declaration, employment record, etc… Anyway I paid a big part of my debt through those cooperatives.

According to Investopedia,

A credit union is a member-owned financial co-operative. These institutions are created and operated by their members and profits are shared amongst the owners.

… (They) represent an alternative to banks and possible solutions to common complaints about traditional banking institutions… (It is) a savings and loan entity formed by a group of people who share some common characteristics, such as a profession or geographic location. The members of the group pool their money to provide loans and demand deposit accounts to other members. Credit unions are not-for-profit entities that are owned and founded by their members; they function as democracies, with each member having a say in how the credit union is run.

As a matter of fact, we borrowed from 3 credit unions. On 2 of them, my mom was the account holder while the other one is under my younger brother’s name. I did this because they were the only ones who were qualified to apply for a loan.

Part of the money I used to pay the cooperatives was earned through online jobs. I had to work double shifts and with multiple employers. All of these, without counting other jobs, so all in all that required me to work for 10-16 hours a day. I went on getting local contracted jobs too, like designing small business solutions for small enterprises. The pay was small but at least I got something, rather than nothing. (It also helped me build more contacts.)

As I mentioned before, I got some money came from pawning and selling my belongings. Some proceeds from the sold stuff were used to get along with my everyday life. I’m not even talking about spending for leisure; I meant something more commonplace like buying food and paying for fare. This money also allowed me to pay some of my other personal, smaller debts.

Then my father said he will pay some of my debt from one of my mom’s cooperative account and I can pay him whenever I could, without interest. I was relieved!

After that, I got a chance to enroll in an MBA course to educate myself on how to properly run a business. While I was in school I kept on accepting online work and working for local clients mostly to pay my school tuition, my dad, my mom and my brother. To this day I’m still not 100% clear of my debt but it’s more manageable compared to what had happened to me few years back.

-The End-

Colorfulifesite’s Note: Gino has long since learned his lesson regarding the need to be financially literate and equipped before entering a business venture. He is currently a Managing Partner at a couple of startups focused on helping small enterprises get the best adapted business solutions.

Sources:

  1. Credit Unions, Investopedia, available at: http://www.investopedia.com/articles/pf/08/credit-union.asp

What’s on a reader’s mind (2)

A very dear reader from Canada wishes to share his experience in “adulting” and money management.

However, before I move on to divulge his wise words, let me first mention how I have never met anybody online as kind and as frank as Mr. Edward Hillyer. We met in Facebook. We have a common friend who used to actively publish politically-flavored posts in his wall. It was in the comments’ section where we started out politely arguing about the different topics we enjoy. Now I believe that I may proudly say that we are friends… friends in the sense that I would seek his advice, and he would generously give it; friends in the sense that he would tell me nice stories about his childhood and his family, and I would ask him for more similar anecdotes.

I used to be reluctant in having a social media life but with a great discovery like Edward, I believe it’s worth all the trouble of meeting the weird and creepy people that roam around the internet.

I thank this dear friend for supporting my blog through actively participating in its Facebook page, as well as in my personal page.

I truly hope that you can learn as much from him as I do.

Thank you, Edward!

(The following comment originally appeared in the Colorfulifesite Blog’s Facebook page, dating 6th of February, 2017.)

My first comment on adulating [sic]* and money: If you have ever had a credit card, you will have noticed how a little here and a little there, (ten dollars for a pair on sunglasses, 20 dollars for a new top) will cause your receive your credit card bill with shock. How could just a few dollars here and a few dollars there add up to such a large bill? On the door to my father’s office was a quote ‘It all adds up’. You see this in your credit card bill that shocks you each month. This is the reality, it all (even small amounts) add up. With this knowledge as a given, why not be smart? It 2 +4 = 6, then 4 + 2 also = 6. This information is reversible. If you save a few dollars here, and a few dollars there, IT ALL ADDS UP, just as spending does on your credit card. This is a given. If you save money in your daily life, it will add up.

This was my reply, dating 8th February 2017:

Thank you for this simple yet monstrous truth, Edward. My personal experience with credit cards is quite nil because having been raised in a frugal household; we have always tried to avoid expenses (present and future). We only borrowed money if we didn’t have any other option at all. But I had a similar experience with my day to day life before my husband and I got married. We had good jobs and were living in the city center. So the temptation to get a beer here, have a bite there, etc… was always near. And we would usually give in to the “little” ones, until we realized that the 3x a week trips to have tapas at 2 EUR a glass of beer (we would end up having 3-4 glasses each) would sum up to 192 EUR a month! Imagine how much that would be in a year! So we started to save small coins and also stopped eating out too much. This was one of the ways we were able to save for our wedding (for my part, I was able to save for my dress, shoes, earrings and head accessory). Yes, we’re proud to say that we financed that marvelous celebration of our lives!

In a reply to one of my posts, (this time, in my personal Facebook page dating 22nd February 2017), Edward recounted an advice given to him by his father. Honestly speaking, I wasn’t prepared to be blinded by the light.

I joined Les Grands Ballets Canadiens at 17 years old as an apprentice. I was paid half the salary of a corps de ballet dancer ($75.00 a week). I managed on that fine. It was tight, but I did it. However, after three months with the company, they tore up my old apprentice contract and gave me a corps de ballets contract. I wrote to my father with excitement. ‘My salary has more than doubled. I now earn $155.00 a week!’ My father expressed his pleasure but mentioned… ‘If you got by on $75.00 a week, this means you could now save one whole salary each week.’ What a brilliant observation. However I did not follow his advice. I adjusted my standard of living to my larger salary. I had not ‘adulted’ yet. In youth, there is a tendency to spend all the money we have before our next pay day. It really does not matter what the salary is, we will be out of money by pay day. I was poor, then rich, then poor, then rich, then very, very poor, and now I am financially independent. Like others, I have been through it all. And, I learned from it all. When the endless value of money is recognized, we will prefer the money (security) to the fancy shirt, the latest shoes, the newest gadget and the expensive restaurant. I used to live in a three story house on two acres of land with a swimming pool and three cars for two people. Clearly I had far more than I needed. What do two people do with an acre of land each? Why would two people need three cars? Why would two people need three stories? I was working two jobs and was sick with the work. I felt I needed to reward myself for working myself to the bone. How very stupid of me. I earned $90,000 a year and was always broke before pay day! Now, I have no car, no smart phone, no cell phone, no television, no house, no iPad, no IPod, no MP3 player and no cell phone. What do I have? financial security and peace of mind. The value of this is far greater to me than any material thing.

*Edward’s computer would automatically and stubbornly replace the term “adulting” with “adulating”, and so he spent the whole time with the latter word. Colorfulifesite edited the rest of the typos.

-The End-

Don’t hesitate to comment on Edward’s ideas, or share your own experiences in “adulting” and money management!

Remember that you can write to: colorfulife@outlook.es, or use the Comments’ Section below, or you could also use this blogsite’s Contact Page to tell us your stories. Thank you!

Colorfulifesite Blog is looking for a guest blogger

Hello dear reader!

Colorfulifesite Blog would like to give you the chance to be guest blogger of the week. (You don’t really have to be a blogger per se. You just need to want to do it!)

The only condition is that you talk about your own experience in owing money.

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Does that sound cool?

Please comment below, or send an email to colorfulife@outlook.es, or contact me through the Contact Page in case you’re interested.

THANK YOU!