Want to Be a Financially Independent OFW? Here are 7 tips | Beyond Small Talk

Being an Overseas Filipino Workers (OFW) requires a lot of hard work and sacrifice, including being miles away from your loved ones to provide a good future for them.

If you are an OFWyou can make the most out of your hard-earned money. Beyond Small Talk hosts Peter Kairuz, Randell Tiongson, and Marvin Germo suggest 7 ways on how you can be financially independent while working abroad.

  1. Acknowledge that you are not the savior of your family

Selflessness and generosity are deeply engraved in the hearts of Filipinos. As an OFW, it is quite reasonable that you want to support the financial needs of your family members – even the extended ones.

But remember, you cannot work forever. It is also not your job to look after everyone.

As Marvin puts it, OFWs must remove the “savior mentality”. They should not be shouldering all the needs of all the members of the family.

  1. Instead of giving them money, teach and give them opportunities to earn

Your family members don’t have to be fully dependent on your earnings. Instead of feeding them whenever they’re hungry, why not teach them how to fish?

Teach them ways on how they can earn by themselves. Encourage them to start a business, find a job or invest. It becomes self-sustaining later on. This way, you’re helping them grow and be financially independent, too.

  1. Practice tough love

Whenever you provide anything your family asks from you – continually and consistently – do you inspire them to stand on their own, or does it make them overly dependent on you?

Author Robert A. Heinlein has a great take on this, “Do not handicap your children by making their lives easy. Saying no to your loved ones sometimes isn’t lack of compassion. After all, tough love is still love.

“When you give, make sure you are encouraging the right behavior,” Randell suggests.

  1. Budget your money well

What are your financial goals? How much money will you allot to your family? If an emergency happens, how would you prepare financially? You might want to talk about these things to your family so you can all work as a team.

Effective money management comes with wise planning and decision-making. Know that the more you diligently follow your goals, the earlier you can come home.

  1. Think about your exit plan

How many years do you intend to work abroad? Where do you see yourself after those years? Even though it’s not sooner nor later, thinking about your exit plan must begin now.

  1. Specify the amount that you need to save monthly in order to hit your goal

Your responsibilities should not hinder you from saving up for your own future. To Marvin and Randell, the best way to secure your savings is to set aside your savings first, as soon as you get your income.

  1. Invest your money or start your own business while you’re still working abroad

While you’re at it, grab the opportunity to invest and put up a business. These give your money more chances to grow. Start building your dreams now so that when you come back, you won’t have to start from zero.

Are you struggling financially as an OFW? Call the CBN Asia Prayer Center at 8737-0700 and we are here to pray for you.

Catch the new webisodes of Beyond Small Talk on Saturdays, 7:00 PM, on The 700 Club Asia Facebook page and YouTube channel. 

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