Despite the many problems encountered in working overseas, such as loneliness and racial prejudice, our modern-day heroes prefer to seek better pastures thousands of miles from home in order to secure their family's future and meet their daily requirements. Being an Overseas Filipino Worker enables our kababayans to make a living and send their children to school. However, their time as an OFW would inevitably come to an end. And when (or even before) that occurs, it is prudent to achieve debt-free status and financial stability. This manner, individuals may enjoy the life they've worked for while retiring comfortably at home with their family. One method is to get an OFW investment that will contribute considerably to income sustainability and growth.
OFW Investment Opportunities in 2022 That You Should Consider OFWs have a lot to look forward to in 2022. The following are some financial advice and prospects for OFWs: 1. Educate yourself on the many OFW investing alternatives available. For others, discussing OFW investments might be scary. However, this does not have to be the case. Why not broaden your knowledge and understanding of money and finances by participating in OFW-specific webinars or forums, reading OFW investing books, listening to podcasts, and visiting your favorite financial adviser for advice? 2. Take into account the possibility of launching a small company. Consider prospective business ventures that might provide a sustainable source of income for your family. Certain enterprises may now be operated online, allowing you to do important activities while traveling; alternatively, you might consider delegating management/operations of the firm to a trustworthy and capable family member. It may be a diner and sari-sari store for your parents, an Internet café for your tech-savvy brother, or an online bakery for your sister, who bakes delectable pastries. Franchising (e.g., food carts) is another time-tested method of growing your money. 3. Be cautious with your money. Setting realistic objectives and communicating them to your family as an OFW is beneficial. This will help you avoid splurging on items that are unnecessary. While it may be tempting to indulge your loved ones with costly parties, vacations, and presents that bring immediate delight, it is prudent to focus what genuinely matters. Maintain a portion of your earnings for personal savings, life and health insurance, and OFW investments. Maintain an emergency fund (most experts suggest accumulating three to six months' worth of expenses) to serve as a financial cushion in the event of a disaster or unexpected expenditures such as medical costs. Maintain strict adherence to your spending strategy. 4. Invest in developing new skills. Investment is not limited to monetary gains; you may also begin investing in your own abilities. Investigate available programs that promote entrepreneurship and skill development via government agencies such as the Technical Education and Skills Development Authority (TESDA), the Department of Labor and Employment (DOLE), and the Department of Trade and Industry (DTI). Through short-term courses, seminars, and workshops, you may enhance your existing abilities or acquire new ones. Photography, dressmaking, baking, driving, and bartending are all examples of them. This way, you may continue to develop your abilities, monetize them, and explore new possibilities. 5. Recognize your choices. You'll never run out of investment opportunities for your hard-earned money. These entail varying degrees of risk, so always do research and educate yourself on the fundamental ideas before making financial decisions to prevent frauds. Additionally, avoid putting all of your eggs in one basket. As an OFW, you have the option of investing in stocks, mutual funds, UITFs, crowdsourcing, and bonds. Real estate is another common investment choice for our modern-day heroes. Many OFWs want to possess a property they can pass on to their children, a wonderful holiday house, or a location to retire and create new memories with their family. Additionally, it may assist OFWs in generating passive income. They may acquire properties such as flats, homes, or condominium units with the intention of renting them to tenants or reselling them for a profit.
0 Comments
Leave a Reply. |