Since the country’s labor export policy began in the mid-70s, the Philippines have become one of the world’s top sources of human capital. In 2015 alone, the Philippine Overseas Employment Administration processed more than two million contracts to help get countless Filipinos employed abroad.
Currently, over 10 million Filipinos either work or reside overseas. It was a measure to curb underemployment and alleviate poverty, but it wasn’t a complete success. For decades, many families in the Philippines have enjoyed relatively comfortable lives because of OFW relatives.
However, there’s no denying that many of our modern-day heroes are still struggling financially. A 2011 study reveals that one out of 10 OFWs is broke, while 80% of them return home without any savings.
Mismanagement of financial resources is to blame. It’s the reason some OFWs are left with no choice but to try their luck again overseas. If you’re an OFW, here are some of the things you should do to experience financial freedom and come home for good.
Invest in Real Estate
Rent is a major drain on your finances. At the end of the day, it wouldn’t make you rich because you’re just pouring money into your landlord’s pocket. You need to buy your own house to passively grow your wealth in real estate.
If you’ve read Lancaster New City Cavite reviews, you’d know that Cavite is one of the best destinations to buy a property in the country. The province is a blazingly hot real estate market, allowing you to benefit from fast property appreciation.
Avoid “Get Rich Quick” Scams
If you fly to another country just to make the money you’re earning right now, you know that getting rich doesn’t happen overnight. If it were that easy, everyone would’ve done it already.
No matter how enticing these get-rich-quick schemes may be, don’t put your money in them in hopes of taking shortcuts to a better life. Generally, they’re unrealistic at best and fraudulent at worst.
Life insurance products these days have become an excellent investment vehicle. Most insurers use premiums to buy stocks and grow money passively. This means buying life insurance essentially allows you to take part in the stock market indirectly after a few years of repayment.
Every money mistake you commit could delay your retirement as an OFW. Make wise decisions with your income now to begin supporting your family without leaving the country.