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Aug 6, 2014

OFWs Money Mistakes (Part Two)

2. Not planning for life after OFW work.  Most OFWs will eventually return home for good, either by choice or forced to cut short their stint abroad due to unplanned or unexpected events like closure of the company or getting seriously ill.   I recently got an email from an OFW who asked about how he can better prepare for retirement.  He’s coming back permanently in a few years but will still have a job in the Philippines.  He’s among the lucky ones who have jobs to fall back on after working as an OFW.  

Many other returning OFWs will be added to the country’s unemployment or underemployment statistics and with limited savings, it will just be a matter of time before these ex-OFWs start to suffer from financial problems.

It is crucial then that OFWs prepare for post-OFW life as soon as possible.  Planning way ahead of time will make preparation a bit easier and will give you more options.  Save as much as you can while still working abroad and invest your savings.  If you can’t save enough to retire permanently, then you will have to keep on working (as an employee or your own boss) when you come back.

Continue enhancing existing skills and learn new ones to improve your chances of landing a job when you return.  Develop other sources of income back home (e.g. rental properties and small business) while you’re still in foreign soil so that you will have a steady source of funds when you return and stay for good.

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Read Part One: OFWs Money Mistakes

Alvin T. Tabañag is a personal money management coach and registered financial planner.  He is a member of the US-based Registered Financial Planners Institute, the Financial Planning Association (USA) and the Association of Registered Financial Planners of the Philippines.  

He is also a member of the Professional Speakers Association of the Philippines.  He is the founder of Pinoy Smart Savers Learning Center, an internationally-recognized organization and “Best Provider” of employee financial education in the Philippines.  Mr. Tabañag’s center is at the forefront of a campaign to promote a culture of saving and responsible money management among Filipinos. 

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