There are many sad stories about OFWs coming home without realizing their goals of securing financial security despite long years of working abroad. It is heartbreaking to see old people who spend most of their adult lives working without sound investments. OFWs must therefore be more financially-smart in order to enjoy the fruits of their labor when they decide to return in the Philippines.
The best ways to build a brighter future while working in foreign lands is to save and invest to pursue their long-term dreams. For short-term goals like putting up a small to medium business, saved fund can be augmented with borrowed money. The easiest way to get additional money is to avail a payday loan or get a loan from pawnshop. The approval period is fast so you and your family can start achieving one of your goals.
Steps to manage your money and build your wealth:
Assessment of your financial status
What are your current assets, liabilities, income sources and investments? Make a list. Review them to find out your current financial standing.
Make financial goals
Building wealth is not just working hard, earning much and buying properties. It is about planning and achieving them as soon as possible. It is imperative to make realistic and specific financial goals with deadlines. This will motivate you to save and set aside percentage of your monthly earnings for the future. With plan and deadline, your goals become more quantifiable and clear.
Invest your money wisely
Aside from saving, another way to grow your hard-earned cash is to invest it. There are different forms of investments. It is advisable not to rush. Explore, study, and review every option that interests you. Start slow by investing minimal amount like P5k-P10k. If you are a risk-taker, you can diversify and get more investment options. This will help your money grow faster. Do not place all your eggs in one nest to be safe from possible loss.
Borrow money for a good reason
om borrowing money but if your purpose for instance is to finance a new income-generating business or real estate property, then go ahead. Just make sure to pay your obligations diligently to have a good credit standing. Best if your business or investment can pay for the loan as soon as it is able to.
Many lending companies offer loans to Overseas Contract Workers. An OFW loan helps you fast-track financial goals. As your business grows, you can secure loans from banks if you need millions.
Do not make your OFW story a sad one. Aim for success by learning how to manage your money and build your wealth.