Most Overseas Filipino Workers (OFWs) leave the country, family, home and loved ones in search for better life abroad. They want to earn more so they can give more support to their family and loved ones. They want to have self-fulfillment too.
But sadly, after years and years of working abroad, many OFWs come home for good… with very little or worst, no money at all. What are the reasons? What should an OFW do?
Following are the most common problems why OFWs come home broke and how to prevent these.
Even before the person starts to become an OFW, he already has debts. He loans money for reasons many of which are not necessary. So when he starts to work abroad, he has to pay those debts.
How to prevent this?
If you really need a loan, do so because it is necessary. Do not loan money just because you want to buy something or you want to give something to your family or loved ones. Do not go to “loan sharks” because the interest will only give you more problems.
Many OFWs are excited to earn more that is why when given the chance, they buy what their heart desires without thinking the result of their action. They have “one-day-millionaire-attitude” which is not helpful.
It is alright to send balikbayan box full of goodies but make sure to buy only practical and useful things. You can have just one phone, one laptop (for work). Other gadgets are optional.
It is alright to be happy, eat out and go somewhere when you are a balikbayan but make sure that you spend only on a limited budget.
3. Personal ATM.
Every OFW loves his family and relatives. He also wants to help his friends. But he has to learn to discipline himself and his loved ones when it comes to giving money. He should not always say “YES” to every request, he should learn how to say “NO” sometimes.
4. Many OFWs don’t know how to invest.
Many OFWs do not know how to invest their money. The main reason is they are not familiar with investing. Try to search for trusted investments and learn.
5. Wrong investment in housing.
There are many real estate companies that target OFWs on housing programs. It is alright to invest but before you invest your money in a house and lot, make sure that the following details are comfortable for you;
a) Is the real estate offering the housing project trusted and reliable?
b) Search their website and you can also ask a family member of yours to check their office in the Philippines.
c) Is their deal easy for you to pay?
d) Is the location of the property accessible to churches, schools, market places, town center and all?
e) Invest in a house type that suits you – not too small and not too big for your family.
Moreover, it is a must for every OFW to learn financial literacy to manage and save their hard-earned money.