Fast Five Misconceptions on OFWs
OFWs

FAST FIVE MISCONCEPTIONS ON OFWS

By: Marvin Germo | January 17, 2015

I believe they are the backbone of the resurgence of our economy and we need to take care of them!  Not just us accepting their remittances but also giving them the opportunity to create a lasting legacy to their families.  This post is dedicated to all of them.

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My exposure to our kababayans abroad!

Over the past 4 years I’ve had the chance and the honor to do several runs of talks and investment seminars to our kababayan OFWs.  It’s a given that what they earn abroad is much much bigger than what normal employees  could earn here.  Through the years, I’ve seen so many stories of our kababayans working hard and  long but end their careers with no savings at all.  I’ve seen people finish off a 35 year middle east career to comeback in debt with no savings.  Or professionals who get axed from their jobs and don’t even have the cash to go home.

I think it’s time that we change the mindset!  I beleive that it’s time that OFWs stay or leave at their own terms.   Meaning that they have saved and invested enough to be able to decide what to do with their life and career  should they go home and do something in our homeland.

If you are an OFW and are reading this, you do not have to be an OFW forever, I believe the 1st half of that is by you educating yourself in finance and investments but the 2nd half also is for your family / relatives / friends to change the way they see you and the sacrifice you are making.  As part of our “Fast Five Series” I will be tackling the Fast Five Misconceptions on OFWs.

I want it to come to a day where we have majority of our OFWs invested well and that they know what to do with their money!  Enjoy!

1.  OFWs are not our retirment plan.  Having relatives abroad should not be an excuse for us to quit our jobs and do nothing.  OFWs sould not be considered passive income that you can rely on day in and day out.  

Retirement OFW

2.  OFWs are not walking atms.  We should not ask them money just because we want to buy the latest gadget, phone, LED TV, or whatever whim and fancy that we would like to buy. We should not upgrade our lifestyle just because our neighbors got something better than we do not have.  If we can’t afford it, it would be best to stay away from it.

ATM Ofws

3.  OFWs will run out of money if we keeping asking from them.  Don’t get me wrong here, giving is a great thing.  I love giving, supporting and helping out.  However, it it our responsibilty here to hold the fort and manage our budget.  We should live within the means of cash that is given.  Let me push it further, from what our OFW relatives give us we should save and invest a portion of what they send!

Empty Wallet OFW

4.  OFWs have dreams to come home and be financially free.  It’s not just about them supporting livelihood here in the country but also for them to provide a better future for their family.  So that they get to have a good savings and retirement plan should the time come that they are unable to work anymore.

OFW Coming Home

5.  OFW remittances should not be an excuse for us not to work.  It’s time that we change this notion.  I have seen families where only one OFW is working and the remaining 5 very capable and strong members of the family  are just waiting for the remiitances to come in every month.  It’s time we should see every member try to contribute and take part of the progress.

Tamad Pinoy

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