No matter how great an OFW’s job might be at the country he/she is working at, many of them will tell that working abroad is just a temporary thing for them and that their ultimate wish is to go home for good and be with their family.
A lot of OFWs hope that by saving money while they work abroad, they will have enough funds to start a business when they get back home.
If you are among those who are planning to retire early and go home for good, here are the top 3 tips for you to consider.
Make a Plan
Just as going abroad wasn’t easy, going home for good also has its own set of challenges. It is best if you plan ahead, especially because this would involve finances.
While the prospect of going home and spending more time with you family is quite exciting, don’t forget that you need money to support them. Make sure that you are well-prepared and have enough emergency funds to last for at least a couple of months, even if you are planning on opening a business.
Take Stock of Your Finances
Make a budget, with a detailed list of your financial goals as well as projected income and expenses.
This is not the time to kid yourself into thinking you just might hit the jackpot on your new business and receive your ROI in just a few months. So, it is best to take stock of your finances. How much can you afford to invest in business considering your regular expenses, including food, transportation, utility bills, children’s tuition fees, etc.?
Remember, you are going to lose a steady stream of sure income once you quit your overseas job. Make sure you can afford it.
Be Careful with Businesses and Investments
A lot of OFWs had been duped by unscrupulous individuals seeking to take advantage of their wish to earn a lot of money while spending more time with family. So, be careful with businesses and investments – the rule of thumb is this: “If it’s too good to be true, then it probably is!”
This means that you should not be tempted to invest your money in schemes that promise to give you back a lot of money in the span of a few weeks or months. Entering a business is never a guarantee that you’ll have a lot of money and get rich.
Of course, there are times when such works tremendously but there are also times when this leads to epic fail. Thus, it is best to plan accordingly but remain careful.