How to succeed as an OFW:
There are many Overseas Filipino Workers who work abroad for many years but are not successful and no investments were acquired by the time that they have already retired.
The worst situation is that there are some OFWs who have been in an accident
overseas which prevented them from working again. Regardless of working in or outside the Philippines, Filipino worker should know how to value his labor and sacrifices while aiming for his dreams.
The following tips are worth reading that will serve as guides for typical
Overseas Filipino Workers. Information given is based on my own experiences and from the experiences of other fellow Overseas Filipino Workers.
- Do not spend too much of your income. Not because you are earning big now and you have extra money, you are going to spend too much for your vices and unnecessary things. Some Filipinos who are only on a temporary working visa are buying luxury and brand new cars which I think is not necessary. If your earnings are high, it should be okay but I know some Overseas Filipino Workers who buy expensive and brand new cars but do not have any investment on important properties yet. They could not even eat proper meals anymore as luxury is more important to them. They are not thinking that their job abroad is just temporary, anytime they can be sent back home if some unpleasant situation happened such as war, bankruptcy, slow economy or as I have mentioned above, when they become paralyzed and couldn’t work anymore after an accident.
- Always keep some income for savings. Save some of your income in Philippine banks as well as banks in the country where you work. And because you will stay abroad for about two years or more, it’s better that you’ll keep your money in a term of savings where you can earn more interest such as Time Deposit or Funds. Some Philippine banks offer special savings program for Overseas Filipino Workers and their beneficiaries.
- Obtain pension plans for retirement, savings fund, children’s educational plan, health insurance or life insurance. Get more if you can, although you already have the OWWA Benefits or Social Security Insurance (SSS) or Pag-Ibig, it is also better to get another one from private insurance company. It is not always safe to work anywhere, you will never know if you can have an accident in the future that will prevent you to engage in any kind of jobs again. Having some insurance is always a big help.
- Once you start receiving your salary and suppose you have no debts to pay anymore, make sure you would invest in a property first. If you will buy some property, its’ value does not go down; it’s always accumulating or increasing every year. House and Lot or Lot is the best investment of all.
- If you want to build a house, unless you already got many houses, it is better to build an apartment first to have some additional income. Your wife/husband is in Philippines can take care of your property in case you want them to be a commercial or residential apartment for rent. If you are earning from the rental of your apartment, you may now save your income and with some additional money from the last few years of working abroad, you can build a new house again for your family.
- Do not give so much allowance to your beneficiaries that could only make them spend your remittance for unnecessary things as well. You should let them know how hard it is to work in a foreign land and earn that money that you are sending for them. You should let them know how to spend wisely as well. Do not stay quiet or ashamed to tell and explain how hard it is to work as Overseas Filipino Workers abroad to your family. If they do not know about your real situation, they would just think that you are just “collecting” money while you’re walking on the road. So, they would just spend your remittance on things that are unnecessary.
- If you cannot bring your family while you are working abroad and your vacation is not yet due, why not try bringing them to your country of work. Sometimes, you need to spend a little to maintain the relationship and bonding of your family.
- If you are on vacation, do not spend all your savings thinking that you still have a job in abroad upon returning there. It is not always like that. I have someone that I knew, who had bought brand new car, spent most of his savings while on vacation but by the time that this fellow overseas Filipino worker is now going back to work abroad, his employer’s company suddenly closed. He did not know that the company was already failing and facing bankruptcy.
- Rather than spending too much of your savings on less important things, just improve your skills. You will never know that your current job will still be on demand after one or two years. You should try to be knowledgeable of other types of skills and profession. If you are a carpenter, acquire some skills that could help you to become a contractor just in case you want to have your own business and would like to get your own carpenter to do the jobs.
- Do not start your own business if you do not have any idea about the business. Do not just listen with other people’s suggestions, think about it. It is not because having an Internet Cafe is one of the good businesses these days, you will engage yourself with that same business even you do not know anything about computers.If you have an experience in carpentry jobs, start business that is related to carpentry such as cabinet making, construction materials retail, painting etc. Do not engage in other kinds of business unless you have also experienced it before. This is not the proper way to do business. Put up a business that you are familiar with and that you most love to do.
Tips and advice above are just guide and suggestions for Filipino Workers.
It’s still up to the person if he/she would like to follow other
people’s suggestions. Not anything that had happened to you is other
people’s responsibility it’s your own responsibility…