having a business here or getting employed abroad?

[tqbfjotld]

since everyone favored to becoming a businessman than an employee on the other related thread, i think this would be a little harder to decide upon.

what would you choose? having your business here or working abroad?

[Krakista]

Having a business abroad.

[tqbfjotld]

LOL. that would be the best choice but i think it won't be too easy to do.

[spicyham]

funny....

be more specific though, the question is somewhat dry, ..where and what are the figures?
so you can compare the standard of living and see if the things most important to you are more accessible either way.

[jolog1]

The starting salary for a nurse in the US is around $40k per year. Take home pay after taxes is around $30k. That's around P1.7 million per year, a newly nursing grad. Working 8 hours a day, 2 days off, 2 weeks paid vacation per year, sick leave, medical and dental insurance, options for 401k retirement plan, and other perks. A friend of mine in the US works for a leading computer hardware mfg in the US as a software engineer. He's only 32 years old, he has 2 houses that's worth more than $1 mil. He makes around $80k per year before taxes. That doesn't include the perks like dental/medical, 401k, stock options, discounts, and others.

I have this cousin who just graduated from college 2 years ago in the US. She's a chemical engineer grad. She's only 24 years old and her starting salary 2 years ago was $53k per year plus all the perks I mentioned above, 2 days off a week, 8 hours a day, 2 weeks paid vacation, sick leave... etc.

[X0X0]

^ I just turned 26. I make $80k/yr. I can't afford a house :confused: (in the NY Metro region).

[KuyaDanny]

Originally posted by jolog1
He's only 32 years old, he has 2 houses that's worth more than $1 mil.

How much are the mortgages on those houses?

[tqbfjotld]

so... considering all these figures presented, which would you rather choose? i am contemplating on whether i'll stay here and start a business or something or try my luck abroad. i already have a capital to start my own small business (and i mean really small, more or less a 100k pesos). my parents want me to work abroad, they say i'll earn around $2k a month or more - something i'll never earn here even if i work 24/7.

[Dunedain]

Originally posted by KuyaDanny
How much are the mortgages on those houses?

Depende sa downpayment and interest (which now includes time of purchase since interest rates right after the 9/11 thing went down, but as it stayed down, numerous home prices slowly spiked to well over 100-200% from it's original value 2-4 years ago). Just to make a comparison, a buddy who just got a US$370,000 (3-BR/2 T&B/townhouse unit - attached) in Garden Grove, literally 5 minutes or less (if all the lights are green) away from Downtown Disney, made a downpayment of US$60,000 (excluding taxes and processing fee) pays a monthly US$2,300 (last I was told). But then again, a cousin living in San Fernando Valley (I keep forgetting the name of the area) was able to purchase a newly constructed home in a gated village (subdivision compared to Pinas) with 5BR, 2.5 T&B, 2 car garage, and lot for only US$180,000 when it first struck the market. Now, the home's value has appreciated to over US$500,000.

[jolog1]

I didn't ask about his mortgage. I figure, some things are personal. His expenses is ultra low because he's single. I think he makes more than $80k/yr now because it's been a while since I've talked to him.

tqbfjotld - If you only have P100k to start a business, you're better off going abroad and try your luck there. What can you do with P100k? Buy little trinkets and gadgets and sell them to make a few bucks or open up a food stall and slave yourself 12 hours a day. Work abroad for a few years until you saved up P5 million at least. Then come back here and start a business.

[tqbfjotld]

^ i don't think i'm ready to leave the country yet. besides, selling stuff would not be my only option. i believe that despite our country's present economic conditions, there are still a lot of "goldmines" waiting to be exploited :D

[j_l_uy]

This will be a little tough. For now, given a possibility of leaving the country...maybe I would, but since that opportunity is still not available I working hard to achieve what i can in here. Either way, what is more important is to do what you can where you are.

[beefnmushroom]

Originally posted by tqbfjotld
^ i don't think i'm ready to leave the country yet. besides, selling stuff would not be my only option. i believe that despite our country's present economic conditions, there are still a lot of "goldmines" waiting to be exploited :D

what type of "goldmines" do you have in mind? are you actively looking for them? and how would you know if what you found IS a goldmine? i'd like to know because i'm also looking for hidden treasures :). and i agree, with our filipino ingenuity, im sure we can think of ways to uncover those gems :).

[heymikey]

Well, there are a lot of factors involved. it's true that nurses get paid 40K a year, but that is pretty average for a college degree holder in the US. It may be a lot in the Pinas, but not quite in the US. I have a cousin who is a doctor in the US and he gets paid around $300,000 a year. Now, that is a lot compared to 40K or even 80K a year.

One thing beneficial about having your own business in the Philippines would be that you have more control about a lot of things. Unlike being employed, your income does not depend on being promoted or how many years you've been working for. Plus, there are crooked BIR officials who you can pay off so that you don't have to pay huge amount of taxes (yeah, pretty sad). Manual labor is also cheap.

I didn't ask about his mortgage. I figure, some things are personal. His expenses is ultra low because he's single. I think he makes more than $80k/yr now because it's been a while since I've talked to him.
I guess asking him about his salary or how much his houses cost in total isn't personal enough, huh? Besides, just because he is single, that does not mean his expenses are low. It depends on his lifestyle. Who knows, he probably spends most of the nights partying at fancy clubs or eating at upscale restaurants. He probably has a gold-digging girlfriend, or worse, he probably is obliged to pay child support after getting a woman pregnant on a one-night stand. My point is, his expenses should not be entirely based on whether he is single or married.

[tqbfjotld]

One thing beneficial about having your own business in the Philippines would be that you have more control about a lot of things.
this is exactly what i am thinking of. my mom never wanted to become an employee. she always says that she wanted to be her own boss. i think almost everyone wants to do the same, to be his own boss, right?
is the high salary abroad enough to compensate for your lack of control about things. things like having to wake up early so you won't get scolded by your boss. like waiting all your life to get promoted so you could provide more for your family/yourself.
ive read kiyosaki's rich dad, poor dad. he said something like instead of working hard for money, make money work hard for you. i find it really cool and inspiring. :D
Originally posted by beefnmushroom
what type of "goldmines" do you have in mind? are you actively looking for them? and how would you know if what you found IS a goldmine? i'd like to know because i'm also looking for hidden treasures :). and i agree, with our filipino ingenuity, im sure we can think of ways to uncover those gems :).
umm... a goldmine is something i can get money from without having to work too much. ive concluded about this just recently. a goldmine may not be something in your line of interest, but hey it is money we're talking about. okay, lemme give you an idea. who would have realized that you could earn more than 50k a month just by playing a pc game? :D

[Dunedain]

Originally posted by tqbfjotld
who would have realized that you could earn more than 50k a month just by playing a pc game? :D

Would that be in Pesos or Dollars? Most game testers (regardless of whatever platform it may be) in Activision are in the US$40k and below bracket.

[marlo_kalbo]

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[tqbfjotld]

so... considering all these figures presented, which would you rather choose? i am contemplating on whether i'll stay here and start a business or something or try my luck abroad. i already have a capital to start my own small business (and i mean really small, more or less a 100k pesos). my parents want me to work abroad, they say i'll earn around $2k a month or more - something i'll never earn here even if i work 24/7.


it's been almost a year. things have changed. my 100k is now nearing half a million (pesos, not $$ ok?). thanks to that goldmine i was talking about a year ago.

i think i'm off to starting a business. i feel like a newborn baby. walang kamuwang-muwang sa mundong gusto nyang pasukan. :lol:

[knightrader]

Having a business in either country is almost always preferable than a US job if you have entrepreneural tendencies and skills. You have both unlimited potential and control of your financial life.

Don't be misled by US employees with high income and expensive homes and cars and "things". All these can be financed to almost anyone as credit standards were lowered and the country is awashed in liquidity. But that is changing as I speak regionally. Excessive debt will collapse under its own weight.

I see no harm in working here in the US first and watch your expenses like a hawk and try to save as much as possible. Without the trappings of expensive house and cars and unnecessary shopping, you can save very fast in a very short time. Then take the capital and start your business in the Philippines which I believe will help the country tremendously if the majority of Filipinos overseas do likewise. Not only will you bring capital home but also knowledge and attitudes that are productive. For the country to rise above its stagnation, a change of heart and mind is crucial.

[tidus1203]

I say start a business here. Iba pa din ang business because it offers VARIABLE INCOME than an employee giving FIXED INCOME> Dpende ano klaseng employee, kung nurse kungwari mag business ka na lang pero kung stock broker sa NY hmmm..... I might go there na lang. Also remember our things are cheaper here...

[omeng]

it's been almost a year. things have changed. my 100k is now nearing half a million (pesos, not $$ ok?). thanks to that goldmine i was talking about a year ago.

i think i'm off to starting a business. i feel like a newborn baby. walang kamuwang-muwang sa mundong gusto nyang pasukan. :lol:

ayus yan. you can start small, so you can have small mistake. :D

[omeng]

since everyone favored to becoming a businessman than an employee on the other related thread, i think this would be a little harder to decide upon.

what would you choose? having your business here or working abroad?

I remember mr. concepcion jr words of wisdom...

"Doing business in the developing country has more an advantage, than doing business in a developed country."

That was based on his experience. :)

[Macky_EX]

I remember mr. concepcion jr words of wisdom...

"Doing business in the developing country has more an advantage, than doing business in a developed country."

That was based on his experience. :)

Totoong sinabi nya yon? Bumaba tuloy tingin ko sa kanya.... para na rin nyang sinabi na he can't hack it with the big boys.

[omeng]

I am with silent max when I hear this thing from Mr. Pop cola. Hindi naman siguro na hindi niya kaya. Maybe, he said it, for the purpose of encouraging entrepreneurs that we can do business here in our country, in spite of our current situation.

It makes sense, actually. Doing food business in the Philippines is quite easy than doing it in US of A.

[imoneline]

There are two sides of being employed and having a business.

For the employed, they need to do their job.
For the self-employed, they need follow-up all their employees jobs.

[tqbfjotld]

^

being a businessman is different from being self-employed no?

anyhoo, it's been almost 6 years after i created this thread. i never went abroad. i've had a couple of business, none of which lasted long. guess i'm not really good at handling employees. had a couple more goldmines, but wasn't able to exploit them to the fullest. now i've another gold mine in front of me.

[aticus]

i did it... eminently lucrative, but tough as HELL... the key really is in understanding the local market over here (korea)...wow... hardest thing i've ever done...