OFW Money Mistakes

This is not the opinion of theFilipino.com’s Webmaster. This is just information made available to you so you can think about life after being an OFW. You can’t turn time around and only you can predict your future. Hope this helps you out. – TheFilipino.com Webmaster

Not planning for life after OFW work

I believe one of the main reasons why a lot of OFW families continue to suffer from financial distress is improper money management.   Although in some cases an OFW’s financial troubles may have been due to circumstances beyond his control (e.g. foreign employers not paying them, victimized by illegal recruiters, displacement due to “Saudization” of jobs, etc.), I’m convinced that most money problems confronting OFWs are due to financial missteps they’ve committed time and again.
Here are some common money-mistakes that OFWs (and millions of other Pinoys in the country) make and what they can do about it.
1. Reckless spending.  My kumpare who worked in the Middle East for several years had this to say about OFWs and their money: “karamihan sa OFW nagugulat sa perang nahahawakan nila kumpara sa kinikita sa Pinas.”   The sudden and enormous jump in income also brings a feeling of empowerment.  The OFW now feels he has the power to purchase the things that he and his family have wanted for so long.  And so he begins to buy stuff that bring instant gratification like furniture, appliances, computers and electronic gadgets.   The family begins to engage in more leisure activities like eating out and going on vacation because they can now afford it.   There is nothing wrong with this as long as you keep it under control.

For more reading on this, visit http://maginvesttayo.blogspot.com/2013/07/money-mistakes-ofws-and-other-pinoys.html

1 Comment on OFW Money Mistakes

  1. Thanks for writing this. My parents were OFWs and I could say that they have commmitted some money mistakes themselves. So I agree that OFWs must know how to manage their resources very well. I’ve read this and it has great supplement to this reading.

    I hope everybody will learn financial management well

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