In today’s economic crunch, we should always prepare ourselves for any event affecting our personal finances. There’s no such thing as job security. Small companies close shops and bigger companies sometimes need to trim down employees. Even government is rationalizing and getting rid of redundant organizations and positions. In events like these, we have to thank for rakets or freelance jobs to cushion the effects of loosing a permanent job.

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Tomorrow I’ll be off to where there are giant Kisses. I’m talking about Bohol of course. If nobody donates through Paypal, then the sight of those chocolate hills and probably some Peanut Kisses will do just fine. What more can I ask? It will be business with lots of pleasure.

The office is sending us there all expense paid. This is one of the things to be thankful for in my organization. It will be for our annual convention so I’ll also be helping out with our report. Aside from the usual presentation of accomplishments and development plans, there are two things I’m very interested in.

1. Presentation of i-Negosyo Portal. I saw them featured once in Entrepreneur magazine and also visited their website. I want to know more about them and how different they are from other Filipino online stores and maybe I can learn a thing or two from them.

2. Countryside and Livelihood Tour. We’ll tour around the different craft villages of Bohol. The province is reaping thousands of dollars in exports on their handicraft industry, mostly belonging to the different town’s “One Town, One Product”.

Aside from these, the convention will also be a great opportunity for me to promote my blog. I couldn’t let the opportunity pass by. I’m going to prepare my calling card, an official one, with a more personal touch at the back, my blogsite. Don’t you think I’m wicked?

The demand of a fulltime time job can be stressful but the fear of being jobless is more dreadful for me. Self-employment can afford you to own your time and the freedom to do as you please. However, for those who are not yet prepared to take the risk, there are reasons that far outweigh the potential benefits of being your own boss…at least for now.

• Security. Except for those who are risk takers, most people are afraid of uncertainty. An 8-5 job provides the security that gives you peace of mind of not having to worry about the future especially for those in the public sector. Unlike in business, your income doesn’t depend on the effort you exert so you still receive the same amount either your performance is excellent or mediocre. But of course you get a higher chance of being promoted if you perform well…and the least chance of being fired.

• Insurance and Healthcare. Contributions for your social security and healthcare are benefits you get while employed fulltime. Some companies even offer private healthcare and retirement packages for their employees in addition to what’s mandated by the government. If you’re self-employed you’ll have to shoulder the full cost of insurance and it will be costly since group insurance are cheaper compared to individual insurance.

• Training. Improve your qualifications without having to spend your own money. Opportunities for training and further studies are benefits you gain while employed. Expensive trainings usually has an equivalent return of service contract which states the number of years you’ll have to stay with the company otherwise you will refund the company the cost of your training. These are great opportunities for career advancement and once you leave the company, your training will be good for your credentials too, among other things you learned.

• Network. Your network or connections are very important either you’re employed or self-employed. In the real world it really matters whom you know. We get important information, referrals, special treatment from people in our network. When you leave the company, you will also bring with you your contacts. The people you deal with while employed may be the same people you will do business with later on so it’s important that you treat your connections as an important resource.

I want to retire before I reach 50 and have my own business. The stakes are high so I have to tread carefully. In the meantime, I make most of my employment since it offers more than just financial benefits. For after all, more than capital, you, the would-be-entrepreneur, is your business’ most important asset.

One dollar a day is not enough for a Filipino to live decently but 11 million Filipinos live with less. It`s sad and no one would want to be in their shoes. Those of us wage earner cannot help but feel insecure financially. What if the company downsized? What if our department gets abolished? What if I`d be dismissed? The fear of one day joining those 11 million is what I use to motivate myself to be on the lookout for money-making projects. For the fixed-income earner, one job is no longer enough. We need to make use of our extra time productively. We need to have a raket. The English word racket used to mean an illegal activity done to make money. But for Filipinos, raket is slang for any extra income from part time jobs or small business, which is in no way illegal.

We often hear people complain that their income is not enough for their needs. The advice we often hear to this is `to live within your means.` However, to a minimum wage earner, living within one’s means is no longer enough. We need to look for other sources of income instead of always complaining about our situation. I`m sure every Filipino wants to become rich. But what do some Filipinos do to achieve this? Play the lotto and pray hard they win. And of course, join television game shows.

If you can sit in front of a television or chat for hours then you have extra time on your hard. You do not have reasons to complain that your income isn`t enough when you waste away time like that. Time can be your friend or your enemy depending on how you use it. It`s time to take action. Making money is simple, it`s just raket science.