How to succeed as an OFW

How to succeed as an OFW

By OFW GUARDIAN
Wednesday, 26 January 2005

There are many Overseas Filipino Workers who do not succeed even after having worked abroad for many years. There are also those whose retirement has already caught up with them and still they have no investments.

The following are tips that an OFW may find useful towards realizing his dreams. Information given are based on actual experiences of Overseas Filipino Workers.

1. Budget your income. You might be earning much now but remember that it will not be forever. Things can always happen that may cause you to lose your employment. So be ready for the future by saving. Don’t buy luxury cars if you cannot really afford them. Instead, focus your investments on real properties, whose values appreciate yearly.

2. Set aside part of your income for saving and put them on the bank. It is a good idea to have some savings on Philippine banks as well as on banks in the country where you are working. Time Deposits or Funds earn more and this is the best kind of account for those who stay abroad for long periods. Some Philippine banks offer special savings program for Overseas Filipino Workers and their beneficiaries.

3. Although you already have the OWWA Benefits or Social Security Insurance (SSS) or Pag-Ibig, obtain pension plans for retirement, savings fund, children’s educational plan, health insurance or life insurance from the private sector.

4. Apartments are also a very good investments. Rentals earned might even be sufficient in meeting the family’s daily needs in the Philippines, and earnings from abroad will then be saved for another investment opportunities.

5. Avoid giving lavish allowance to your beneficiaries. Most of the time, excess money will only urge people to spend on things that are not really necessary. Just give them the amount that you deem enough for their needs. This way, you can also teach them to save and spend wisely.

6. It is also common to us, Filipinos, to try to impress people around us by claiming to be well-off even if we are not. If you do this, it will only make life a lot harder for you because the people you are trying to impress might actually believe you and start asking for favors.

7. Restrain too much spending when on vacation. I know someone who bought a brand new car and spent most of his savings while on vacation, lulled by the false sense of security of having a job abroad he could go back to. But by the time he was due to go back, he received a notice from his employer saying that the company has closed.

8. Improve your skills and learn new ones. Learning is a continuous process and skills acquired will equip you to deal with any surprises the future is sure to hold.

9. Go only into business you are familiar with. Do not just believe other people’s suggestions without researching them first. Know what you’re good at and gear your business towards it. This way nobody will make a fool out of you.

10. Rely on your experience. If you have an experience in carpentry, set up a business that is related to it like cabinet making, construction materials retail, painting etc. Put up a business that you are familiar with and that you most love to do.