An overseas Filipino worker (OFW) who chose to work abroad does not mean that they want to keep working there away from their family for the rest of their lives. Even if they want to work there forever, it simply will never happen. Time will eventually come that you may need to go back to your country. It is either by your own will or due to inevitable circumstances in your host country.
In such cases, you need to make the most out of what you are earning while you still can. As early as now, you need to think about having an alternative where you can have a sustainable income where you can outsource the needs of your family should you decide to go back home for good. It could be an investment or a business venture which you can start while you are still working abroad or from the funds which you can get from your end of service benefits and savings abroad.
In such cases, you need to make the most out of what you are earning while you still can. As early as now, you need to think about having an alternative where you can have a sustainable income where you can outsource the needs of your family should you decide to go back home for good. It could be an investment or a business venture which you can start while you are still working abroad or from the funds which you can get from your end of service benefits and savings abroad.
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In this article, we would like to share with you some tips on how to maximize what you are earning abroad instead of spending it on things which are temporary and would render you broke.
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How would you really make the most out of your earnings abroad?
Remember the very reason why you decided to work abroad.
In all nationality of expatriates abroad, OFWs are far different that if you asked them about the reason why they decided to work abroad, while the other nationalities will answer "for me", OFWs will say "for my family".
Having this in mind, they work hard, regardless of sleepless nights, regardless of hardships, they will do it so that they can send money for their family. However, some OFWs get overwhelmed by what they can earn and seem to forget about this, uncontrollingly indulge themselves in material things which they think they are deprived of. Yes, everyone deserves to be happy and has a right to enjoy what they have but not to the extent of overspending without thinking about the future.
Guard yourself and always go back to the reason why you are working hard in a foreign land away from your loved ones.
Be financially literate
A sad fact that one out of ten OFWs is financially broke and eight out ten of them return home without any savings. It is because of a lack of financial literacy.
Financial literacy can be obtained by attending seminars conducted by various non-government organizations (NGOs), Filipino community groups in your host country, reading books written by financial gurus and through watching videos and reading articles about it. We now have different ways of learning about how to handle our finances well.
Have an investment
Starting an investment as early as possible while you are still working abroad would be a wise choice. It will ensure a stable income generating medium to provide for your family. To have more idea about investing and stay away from scammers click here.
For the list of possible investments read it here.
Stay Healthy
Health is wealth indeed especially if you are an OFW who is working abroad. Before investing in anything, we need to invest in taking care of our body and keeping it healthy.
You would not want to spend your money paying hospital bills than sending it to your family or putting it in a more productive investment.
Get An Insurance Policy
Getting yourself insured is a wise move that can make you and your family secured should any incident happen to you especially if you are the only breadwinner in the family. At least they would have financial security should anything happen to you.
In all nationality of expatriates abroad, OFWs are far different that if you asked them about the reason why they decided to work abroad, while the other nationalities will answer "for me", OFWs will say "for my family".
Having this in mind, they work hard, regardless of sleepless nights, regardless of hardships, they will do it so that they can send money for their family. However, some OFWs get overwhelmed by what they can earn and seem to forget about this, uncontrollingly indulge themselves in material things which they think they are deprived of. Yes, everyone deserves to be happy and has a right to enjoy what they have but not to the extent of overspending without thinking about the future.
Guard yourself and always go back to the reason why you are working hard in a foreign land away from your loved ones.
A sad fact that one out of ten OFWs is financially broke and eight out ten of them return home without any savings. It is because of a lack of financial literacy.
Financial literacy can be obtained by attending seminars conducted by various non-government organizations (NGOs), Filipino community groups in your host country, reading books written by financial gurus and through watching videos and reading articles about it. We now have different ways of learning about how to handle our finances well.
Starting an investment as early as possible while you are still working abroad would be a wise choice. It will ensure a stable income generating medium to provide for your family. To have more idea about investing and stay away from scammers click here.
For the list of possible investments read it here.
Health is wealth indeed especially if you are an OFW who is working abroad. Before investing in anything, we need to invest in taking care of our body and keeping it healthy.
You would not want to spend your money paying hospital bills than sending it to your family or putting it in a more productive investment.
Getting yourself insured is a wise move that can make you and your family secured should any incident happen to you especially if you are the only breadwinner in the family. At least they would have financial security should anything happen to you.
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Working overseas gives all OFWs a chance to earn more than we can earn back in our country but it will not last forever. We need to be wise and prepare for the greater future which will come sooner than we expected. The key is being wise and ready so that we will not remain broke when we decided to go back to our family back home.
Filed under overseas Filipino worker, work abroad, sustainable alternative, income, investment, business venture, end of service benefits, savings
Filed under overseas Filipino worker, work abroad, sustainable alternative, income, investment, business venture, end of service benefits, savings
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