SEARCH THIS SITE FOR HOUSE DESIGN, OVERSEAS FILIPINO NEWS, FREE ONLINE STUDIES, CASH LOANS and BANK LOANS, PROPERTY FOR SALE, HOUSE AND LOT, FORECLOSED, CARS FOR SALE and anything beneficial for the Filipinos at home and abroad

Monday, October 03, 2016

COMMON MONEY MISTAKES WHY OFWS REMAIN BROKE






COMMON MONEY MISTAKES WHY OFWs REMAIN BROKE



Filipinos are around the globe. They work not for themselves but for their family. They leave the Philippines to give their family a good life and a brighter future. 



But, the question is, are they on the right track to become a successful Overseas Filipino Worker (OFW)?



We cannot hide that most Pinoys have a soft heart and they want to give everything for their family.  But does following their heart on this matter means they are doing the right thing?


(WATCH: Why some OFWs remain poor despite working abrod?)



Sometimes, they thought that once they get job overseas, teh common assumption is that they will be the breadwinner of the family. 



As everyone in the family depend on them. 


The result is, they remain broke even after many years of working overseas. 

In that case, some OFW's have common mistake in planning their future and in their  financial decisions in life. 



THIS IS YOUR 7 BAD MOVES AS AN OFW:


1. YOU LET YOUR FAMILIES HANDLE YOUR MONEY




- A lot of OFWs send their money to their families in the Philippines. And the result is, there is too little left for you to plan your own future. Family back usually go on spending spree without thinking of saving and investing the hard earned money. And even after working overseas for 20 to 30 years you could come home without any investment nor savings.

2. NO BRAKES IN SPENDING YOUR MONEY



- If you don't have a family yet, you don't have as much worries when it comes to your spending. But, remember, there is a good and a bad debt. Bad Debt is something that you pay but doesn't expect for returns. And a good debt is an investment that something that you will expect in the future. Let us put it this way, taking up loan in order to purchase a house is a good credit since it is a form of investment. While buying gadgets like cellphone on credit can be an example of a bad debt. In the end it is up to you how you will spend your income.


3. NO SAVINGS AT ALL



-Reality check, it's hard for everyone to save money when most of it goes to remittance. Most OFWs would leave an ample amount to pay for food, rent, transportation and some utilities. We have seen many Filipinos overseas trying to stretch their budget, usually ending up on canned foods or dried fish before even the month ends.
Back home, families and relatives rely solely on the OFWs income.  Often, the amount of remittance sent by the OFW is still not enough to feed a family and extended families back home. How could you save in a situation like this.
Budgeting and discipline is something we should never take forgranted. Counseling with our family and relatives is not a bad idea, in fact we should encourage them to work and take responsibility too. 

4. NO PLAN FOR FUTURE



- Did you ask yourself, if you really want to be an OFW forever?Do you want to be an employee in your entire life, when you could have an opportunity to own a business and be the boss! However you look into your future, it is important to work towards the accomplishment of our goals. In our lives, we must have our goals whether it's a short or long term plan. How many years do you plan to work overseas? How do you plan to sustain your needs on your return to Philippines? Will you work, or invest into business?
You'll need to have your plan B! B for B-etter future and B-etter life!




5. YOU ARE BEING "PASIKAT"


- A lot of relatives, friends and family back home think that you owned a mansion  abroad, you have unlimited source of income, and you earn a lot! This is why, when you go home for a vacation, you are treated like Manny Pacquiao or Pia Wurtzback and they  throw a "Hero's welcome". In return, you keep on spending money to treat them in a fancy restaurant, outings and etc. It's alright to treat your loved ones but make sure that you are spending within your budget. Neither should you spend on  a lifestyle that you cannot afford. Being in debt or spending all your savings just to impress your family and friends will only lead to financial problems.  


6. YOU ARE AFRAID TO TRY INVESTMENT OPTIONS

- Real estate is an investment, but that is not the only good investment you could have. Why don't you try to learn stock market and invest in stocks? Talk to the bank financial advisor and ask them about mutual funds, or treasury bonds. You can also open your own business franchise. You can also decide to buy a life insurance policy or a retirement plan. These are just some examples of investing and how you can make your money work for you. The earlier you invest the better. 


And one day, you might just find out, that your investments are sufficient and you don't have to work overseas anymore. 


7. YOU THINK YOU CAN BE AN OFW FOREVER


- There will be no forever. Yes, you are an OFW for as long as you have an employer willing to hire you and let you work for their company. But, anything could happen anytime. You could lose your job, financial crisis could arise and other contingencies like sickness or accident too. Being an OFW is considered a temporary employment. There would be a time that your contract can be cut off without any warning. If you don't think any plan for that possibility, you're in a big trouble.

Remember, you have a family that relies on you, and so you needed to plan your future and be wise for the moment.  










THIS IS YOUR LUCKY 7 MOVES:


1. Love yourself

2. Don't assumed that you are the breadwinner of your family


3. Don't try to buy or build something that you don't really need



4. Try to rethink before you spend your money



5. Look back what is the reason you leave the country



6. Always think what is your goal



7. Save ....... Save .... and INVEST YOUR SAVINGS!



When will you start? If there's nothing left for you? Just remember it's better to save than end up with empty pocket. 


(WATCH: FINANCIAL LITERACY FOR OFWS)




©2016 THOUGHTSKOTO