There are many sad stories of OFWs who spent lots of years working abroad, but when they get back home they don’t have any savings or investments and are buried deep in loans. Without a backup plan, even their families suffer.
According to YouTuber Jaime Lorenzo, life abroad is important, but life after abroad is even more important. The following business tips are shared to us through his YouTube channel, My MONEY DOCTOR Jaime Lorenzo, so that OFWs working will have enough money to sustain post-OFW life.
Disclaimer: The information posted here is based on the personal experiences shared by the OFWs in the videos below. Please let this post serve as a guide only. If you have specific questions, you may ask the OFWs by commenting on their videos on their accounts.
How to Start a Business After OFW Life
In this video, Jaime Lorenzo interviews a financial educator in Dubai, Ms. Joy Aydante. He also interviewed Noriel and Jea De Mesa, whose answers are in the second half of these set of topics. Generally, their answers can be summarized as follows:
The Importance of Financial Education to OFWs
Some OFWs who have been working for several years still don’t have any savings. They want to go back home someday but they can’t without enough finances.
One cannot be an OFW forever; someday they will have to go home. Therefore it is important to get the right financial education which will help OFWs live a comfortable retired life in the Philippines.
Money Advice for OFWs
Before becoming an OFW, one must consider their emotional preparedness.
One must be ready and ensure that their stay in the UAE is worth it.
Save at least 20 percent of income every time the salary is received.
Regardless of income, one can save money if they stick to a saving plan. Make saving a priority.
Find ways to increase cash flow. Don’t rely on employer income.
Figure out what the BIG Why is; in other words, determine the drive and the main objective.
Put God first in everything; anchor everything in prayer.
Being able to build wealth means being able to help more people.
Initial Money Mindsets that must be Avoided
For some OFWs, once they receive their salaries, they automatically give the money to their families in the Philippines. They are able to shoulder their expenses, but there’s no direction in terms of what they can do with the money that’s left.
They were comfortable with the fact that they are employed, and they expect to receive another salary next month.
Financial Mistakes or Regrets
The following are some common financial mistakes made by OFWs:
- Not making plans for the future
- Not valuing the passing time
- Not realizing that it’s more important to invest rather than to save.
Additional Financial Tips for OFWs
OFWs should focus on their goals – constantly ask the question, “Why are you working in the UAE?”
It’s not a walk in the park – there will be problems along the way, but one needs to stay resilient and hang on to the goal.
Find a group or community that serves as a guide and inspiration.
Dubai has lots of fancy malls and restaurants; just be disciplined, not just in money but in all things.
No matter how big your salary is in Dubai, if you don’t know how to create long term financial goals, you will end up with nothing once you retire. It is therefore important to study financial education for a better future.