There are at least 2 million overseas Filipino workers (OFWs) across the globe but though they are receiving much higher salaries compared with their contemporaries in the Philippines, not everyone achieves the level of success that many have come to expect from those who work abroad.
Sadly, there are thousands of OFWs who return home with no savings, no business, and nothing but remittance receipts after years of working abroad!
Don’t let that happen to you! Here are some tips to help you become a successful OFW.
Set a Budget
Yes, earning a lot of money could easily make you and your family upgrade your lifestyle – and there’s nothing wrong with that, of course, because that’s usually the primary reason why OFWs sacrifice time away from their families. However, make sure that you are upgrading your lifestyle to something you can afford.
Don’t buy flashy cars and build grand mansions if your salary abroad can’t really afford that. Set a budget and stick to it. Don’t worry because if you are able to save more money and later afford a grander home and better cars, then you can upgrade your lifestyle then.
Set Your Goals
OFWs don’t want to work away from their families forever, that’s for sure! So, you set your goals and work hard for them. This also means saving money and living a simpler lifestyle to achieve your goals faster.
Make sure your goals are clear. Don’t just aim to be successful – that’s vague.
Set a goal to build your dream home in 5 years, for example. Another option is to aim for a business worth Php1 million within 3 years or something like that. By making clear goals, you have something to look forward to as you work.
Educate Your Family about Money Matters
A lot of OFWs experience financial problems because their families think they have become rich and change their lifestyle to include extravagant wants. Relatives make them milking cows, asking or borrowing money but never paying back.
Make sure you teach your family that you are not a millionaire abroad – and even if you are, you have worked hard for that money; they should not waste any cent of it.
Invest Your Money
You can’t be an OFW forever. Learn to find ways to make your money grow while you still have a steady source of income.
Invest your money but do it wisely. If you heard of a business that sounds too good to be true, it probably is! Make sure to research about that company or business first before you put your money in.
It is also a good idea if you start a business that your family can run in the Philippines. This way, you are teaching them how to earn money on their own while also growing your wealth. It’s certainly a win-win situation.
Learn Something New
Don’t limit yourself to what you already know. Learn a new skill, enroll in a new language, and explore new places. Upgrading yourself can greatly help you succeed as an OFW.