Cash Flow for the Poor?

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Gary D
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just sign s few slips whilst is is there for those time although they could easily sign for him in his absence.

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Arizona Kid
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On 3/29/2019 at 7:12 AM, Mike J said:

The father then took the pig money to the cock fights and lost it all.  

I've seen something like this happen a few times in the years that I have been here. Traggic, and yet if they win they are heroes and everybody gets balato. They live like a king for a week or so till the money runs out, then back to the normal grind.:no:

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Gary D
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A brother in law was working in Qatar and when going home he would bring phones, jewellery etc and on leaving to go back the wife would be in the pawn shop  before he was up the steps at NAIA. only had his big new karaoke system for a matter of a few weeks before ut had gone.

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fillipino_wannabe
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I remember my wife telling me a story about her ex's family. They had an auntie working in the US, making about $60k a year and sending $20k a year here to put in the bank. They spent everything, her ex is paying his share back in fairness but the sisters & Mum just get annoyed they don't get anything in balikbayan boxes anymore lol.

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Tukaram (Tim)
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1 hour ago, Gary D said:

A brother in law was working in Qatar and when going home he would bring phones, jewellery etc and on leaving to go back the wife would be in the pawn shop  before he was up the steps at NAIA. only had his big new karaoke system for a matter of a few weeks before ut had gone.

I have seen a lot of that. An OFW sending money home for years, and when she returns there is no money in the bank, and the house repairs she paid for were not done, and the car repossessed. That is why they then send their grown kids OFW... just to continue the paycheck.  

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JJReyes
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2 hours ago, Tukaram (Tim) said:
3 hours ago, Gary D said:

A brother in law was working in Qatar and when going home he would bring phones, jewellery etc and on leaving to go back the wife would be in the pawn shop  before he was up the steps at NAIA. only had his big new karaoke system for a matter of a few weeks before ut had gone.

I have seen a lot of that. An OFW sending money home for years, and when she returns there is no money in the bank, and the house repairs she paid for were not done, and the car repossessed. That is why they then send their grown kids OFW... just to continue the paycheck.  

The son of a close friend is a professor at Michigan University.  Very smart guy with a PhD in Economics from Harvard University.  His field of expertise is Micro-Finance and Micro-Savings.  He tracks the OFWs on what happens to the money they earn.  This multiyear study is being done for the World Bank.  While the stereotypical image is the money is frivolously spent by the family and relatives back home, the majority use the money responsibly.  Of course, this information never makes it in news article or gossip around the neighborhood.  The number one priority purchase is the education of their children.  The study found an increasing number of students attending private school because of OFW expenditure.  The other is purchase of a home.  Savings is another big one.  As a percentage, buying cellular phones, televisions, radios, computers, etc. for the family is minimal because they are one time purchases.  

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Gary D
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4 hours ago, JJReyes said:

.As a percentage, buying cellular phones are one time purchases.  

Obviously did pole my nieces.

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Old55
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Posted (edited)
On 3/30/2019 at 11:53 AM, Gary D said:

Obviously did pole my nieces.

It’s possible you intended to say “poll my nieces”. 

Edited by Old55
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Jack Peterson
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As the title is Cash Flow for the Poor? I sit and wonder how this would work, Most banks require a Hold amount (mine is 5.000 peso) this means I have to keep a minimum of this amount to maintain the account. I believe that should that amount fall below the figure there will charges and I believe if it happens often they will close the account. I really am not to sure that the mentioned "Poor" are going to have this sort of Money left in the Bank and I am almost sure that the majority would sooner have the 5.000 peso ( or whatever the hold balance is) in their pocket, I firmly believe this is why the less advantaged Locals never have nor I fear, ever wanting a bank account. JMHO But....................................:tiphat:

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Gary D
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9 hours ago, Old55 said:

It’s possible you intended to say “poll my nieces”. 

Actually meant didn't poll my nieces

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