10 Tips For OFWs to Become Successful

Advertisements

All of us wants to be successful in every career we choose in life. Same for Overseas Filipino Workers (OFWs) because no one wants to work abroad forever! But if we look into our society, there are many OFWs come home broke or retired without single investment. 

If you are an OFW and want to be successful, consider this 10 tips.

1. SET A CLEAR GOAL

In goal setting, it is vital to include your family. Discuss with your family what you want to achieve while working abroad. For example in a year or two you, your goal is to put up a small business to help the need of the family or buy a tricycle or jeepney for an extra income in the Philippines. 

In five years you could start building your dream house etc. This goal for your family will serve as your motivation and inspiration to work abroad. Your family needs to know your goal so that they can help you achieve this for the good of everyone.


Read: Tips for OFWs Who Wants to Return Home Earlier

Sponsored Links

2. CONSIDER THE COST OF APPLYING FOR JOBS ABROAD

Applying for work overseas needs money. Placement fees, payment for processing of documents, passport and medical certificate, training etc. Ask yourself first, where will you get money for this? Selling your house, selling a piece of land that your family owns? If working abroad means losing your families valuable properties, you might re-consider your plan. Getting or buying them back will eat a big part of your earning, making it hard for you to save for the future.

3. SAVE-SAVE-SAVE!
If you want to be successful it is important that you know to "pay yourself first". This means, never forget to save a portion of your monthly salary for yourself. Saving 20 percent of your monthly salary is not bad. Do not send everything home. Your savings could save you from debt. It will serve as emergency fund too. 

Our family at home often times runs to OFWs in case of medical emergency. But what happens if the OFW doesn't have savings? He or she will seek a help from loan sharks with big interest. This is the reason why every OFW should a lot a small portion of their savings for savings.

4. INVEST WISELY

Your savings will now turn into an investment. But before venturing into something new. Every OFW is advised to carefully planned everything. If you want to buy a house, would it be a good investment or a dead investment? How about a car? What you turn your savings into a capital for a small business? How about franchising? There's a lot of things to consider when comes to investment but make your you are not putting your money in a scam.


Read: 7 Payday Tips for OFWs To Save Money for the Future!

5. START A BUSINESS

Since OFWs cannot focus or start a business in the Philippines while working abroad. It is important to seek the cooperation of the family. Business is a good form of investment if being managed well. Know the passion or skills of your family where you can mold some ideas for business. If your wife knows how to bake or make pastries, why don't you open for a small bakery. If someone in the family has the talent to cook then put up a Carenderia and so on. Sometimes talents are innate and people just need capital and guidance.

6. EDUCATE YOUR FAMILY ABOUT MONEY

Educate your family that every cent you sent home is a product of sweat and hard work. If you are saving for your self, your family should do the same. Remittances should be spent wisely and not in extravagant want. Remind your family to spare a portion of your remittance for an emergency. Also remind them about your goals together to that everyone can cooperate.

7. AVOID OVERSPENDING

There are times OFW spend half or three-fourths of his savings for Pasalubong, Pakain, and Pa-inum while on Vacation. Pasalubong is normal but do not feel obliged to give presence to almost all people in your barangay. 

Avoid overspending just to impress other people. Some OFWs tend to loan big amount for their vacation so that they have money to spend with every people who ask for a "pasalubong". Remember, your mere presence is much important for your families and people who truly love you. No need for pretensions.

8. APPLY FOR INSURANCE

If you serve as a bread winner for your family. Get an insurance for yourself. Ask this question, what will happen to my family if I am gone? Health and life insurance are important. If you are secured, you can start securing your children's future by getting educational plans for them.

9. LEARN A NEW SKILL

Learning a new skill is never a waste of time. It will add value to you as a worker and it will help you grow as a person. 

10. REWARD YOURSELF

Aside from your goal, another motivation to work is simple reward for yourself. If you want something for yourself and you are saving and working hard for it, then you deserve it.

Read:7 Practical Tips for OFWs to Earn Extra Income

Advertisement

SEE MORE:

©2017 THOUGHTSKOTO

www.jbsolis.com

SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below

7 Tips for OFWs to Save Money When Transferring Funds Overseas

(Pesos And Sense Explains: Tips on Saving (OFW)

Overseas Filipino Workers (OFWs) has a lot of sacrifices in order to earn money for the needs of their family back home. 

This is also the reason why many OFWs save money as much as they can so that they can come home the soonest time as possible. But, for OFWs, don't you know that you can also save money when transferring funds while in other countries?

Because there are many banks and remittance center, it can get confusing to decide what is the best option when transferring money overseas.

Gifford Nakajima, Head of Wealth Development, UAE and MENA, at HSBC Bank Middle East recommends that people use a bank to remit their money as it “provides far greater security and convenience. 

Aside from these, the following are seven ways you can take to save money when sending funds overseas according to ServiceMarket.



1. Keep track of exchange rates. 

Keep a close eye on how exchange rates are changing in order to exchange your money at a suitable time. Exchange rates often change frequently during peak times, such as Eid or summer holidays, so staying aware of exchange rates and patterns can help you to save money! Also, look to transfer money between Monday and Friday as rates on the weekend and on public holidays are not ‘live’ rates, and can end up being higher or lower than when the international markets are open.

(Rappler Talk: Financial Literacy for OFWs)

2. Do the transfer in the currency of the beneficiary’s account.

It is usually recommended that you do the transfer in the currency of the beneficiary’s account so that you are sure of the exchange rate you are getting. If you send the money overseas in your local currency, it will be subject to the exchange rate offered by the recipient’s bank or exchange house.

3. Choose who pays the transfer cost.

When transferring money, you can choose who pays the processing fees. You can choose whether the sender or the receiver pays or you can even choose to share the cost and this cost can vary from country to country.

4. Transfer your money online.

Online transfers are usually faster and cheaper as they reduce the possibility of errors and gives customers on-the-spot notifications for their transactions. They also offer higher physical security as you do not need to walk around with a lot of cash.

This service is available around the clock, giving you the ability to know the exchange rates at any time without having to visit a branch. (It is important to note though that when currency markets are closed rates are not updated – such as international weekends (Saturday and Sunday) and holidays, this is why it’s best to transfer Monday to Friday.)

5. Set aside some time for the transfer. 

It is possible to save money if you are willing to wait a few days for the money to be transferred instead of instant or express transfers. Express transfer rates are typically a bit more expensive. Usually, transferring money on Mondays or Tuesdays will get the transaction through faster than on other days, because it usually takes 2-3 working days to process the request. With UAE being closed on Fridays, and international banks being closed on Saturdays? Sundays, Monday or Tuesday are the best days to ensure your money gets transferred within the week.

6. Keep an eye out for hidden charges. 

Make sure to always read the terms and conditions and understand all charges on both ends of the transfer. Some exchange houses charge a “back-end fee” which is an additional fee upon collection of the money overseas. This can mean that the recipient overseas will receive less money than you anticipated, so make sure you ask in advance!

(ANC On The Money: Money Management for OFWs)

7. Open a bank account in your home country. 

If you are looking to send money back home, it is a good idea to look into opening an account in your home country as well as the country where you are currently living. This will allow you to easily transfer money between the two accounts. If you open the two accounts with the same bank you should be able to make fast transfers between the accounts in different currencies. Some banks, offer a fee-free online transfer service in certain currencies through internet banking, which could help you to save money, especially if you plan to send money back home on a regular basis. 

Transferring money to the same bank abroad is cheaper than sending money to any other bank, as this usually means intermediary institutions are involved – who may charge additional fees. That is why it is beneficial to use one trusted global banking partner if you frequently transfer money abroad.

SEE MORE:

©2017 THOUGHTSKOTO

www.jbsolis.com

SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below