If you are an Overseas Filipino Worker (OFW) and you are planning to go back and enjoy your life for good in the Philippines, below are the ten (10) things you need to consider. This is based on the forums I got from social media and on how some Filipino Migrant Workers prepared themselves when they decided to go back home.
The best thing you need to know exactly is your financial goal. You should be ready and at the same time your family or dependents as well when you are planning to go back in the Philippines.
1.) Savings is not Enough – Your savings in the bank is good only for a short period of time if you do not have any regular or passive income.
I have a story of my real friend who worked here in Singapore but she is now in New Zealand. She got a job ahead of me. She worked and saved money for her child for two years. Then when she got tired, she decided to resign believing she had enough money to enjoy life in the Philippines.
Without any passive income and no work in Philippines, she decided to be an OFW again here in Singapore after two months. Fortunately she found a new job and paid around Php 200,000.00 (around $3,700 at this time) for the agency.
This gave her a lesson to continue working while there is an opportunity and do not rely primarily on savings.
2.) Change your Lifestyle – When you go back in the Philippines, always affirm to yourself that you are in different environment. Do not compare it with the foreign country you have worked. You should change your lifestyle. This will give you more discipline to control your buying habits.
3.) Enough Investments – While working abroad, you should enjoy investing. It could be in cooperatives, stock market, time deposits, mutual funds, and a lot of more. It will give you an additional support while starting a good venture in Philippines with your love ones.
4.) Business Know How – It is a good know how also to have a better business know how. If you are earning well abroad, business is your best ally that will sustain the same amount of income you have abroad. Business is a good source of financial and time freedom. So while you are still working abroad and you want an unlimited source of income I advise to attend seminars and explore some problems and opportunities in the Philippines. Much better to venture into business that you know and you have a great passion so that you are just enjoying it. Moreover, you need to go into business as early as you can.
Business is not something that when you plan to put it. It will prosper immediately. It’s a trial and error and life learning process as well. Take not that building your own business is not always easy.
So do not save, then go back home and do your business. Doing business after being an OFW has a greater risk. So learn more about business while you are working.
5.) Value Opportunities Abroad – Treasure the opportunities when working abroad. Remember that our work abroad is not only a blessing for ourselves but also for our love ones. So make it sure to evaluate your decisions from time to time.
Attend seminars, engage with optimistic people, join a group or organization, and mingle with people who has the same mindset.
There are some OFWs who became tired and abruptly decided to leave their job because of work and relationship challenges. When you are on this stage, have a sense of gratitude in your job. Remember that there are many Filipinos in the Philippines who dreamed of your status and job today. So if you are tired, do not quit. Do some relaxation. Ask your boss for a leave. Or enjoy some parks in the country you are working. Talk to your friends and church mates or your family. Take some rest and sleep more.
I believe after those recommendations you will no longer tired and you will be more productive in your work.
6.) Delay Gratification Mindset – Have a delay gratification mindset.
You need to control your spending habits.
Do not rush on your goal. Take it easy. A single step with no rush will eventually a great leap of faith in the future. Delaying Gratification will give you a best outcome in the future where you will enjoy your dream life. It will not be only for money but a life with your love ones.
7.) Pay Yourself First – This means you save first before you put your active income into your expenses. That means Salary or your Paycheck – Savings = Spending or Expenses.
8.) Emotionally Prepared – If you are working in 5 years abroad, your daily routine and environment will be different. It is necessarily for you to be prepared emotionally. This will give you a better relationship with your family and all the people that surrounds you.
9.) Passive Income Ready – Like what I have mentioned earlier, passive income is a necessity. This will give you enough freedom in case you do not have work or some irregularities happened.
Actually in my real experience, I have multiple bank accounts. Not only this will give me a better way to differentiate which bank offers the best service but also it gives me surprises that small amount of money from different banks will give me a good thinking not to withdraw money.
Consider also building an online business and earn from it while you are asleep. You can check on some online alternatives on this blog.
10.) Have a Focus Mindset – Focus on your goal. Financial goal can be change but you should focus on your SMART goal.
This will give you the right path in paving your way going back to the Philippines where you can enjoy more time and happiness with your love ones.
Do you have any suggestion or plans that will help other OFW to be prepared when going back in the Philippines? Kindly comment below.
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