What made me sad is that the lady was saying that when she started working overseas the idea was that she would save enough money so that she wouldn't be away from her family for too long. Maybe 5 years max. But its been 10 years already and she has little savings! She mentioned the usual problems that I hear from other OFWs:
- She underestimated the expenses. When you work overseas you will earn more BUT you also spend more!
- She sent money home to her extended family only to watch it disappear! Most of the time she sends it for one thing but it gets spent for something else! In the end a lot of it doesn't get spent on her kids but on the people who take care of her kids.
- Her extended family thinks that because she works overseas she is now BIG TIME! Suddenly they think she is the answer to their prayers and start asking her for all sorts of help. They don't know how hard she works just to make ends meet!
So listen up! Here are tips from successful OFWs that I have talked to who have managed to save while working overseas and who now provide a comfortable life for their kids.
- If you aren't saving 50% of your salary then you should rethink why you are working overseas. It’s not worth leaving your spouse and kids if you aren't saving 50%.
- This means... Spend your money in pesos. Watch your expenses! Just because you work in the US it doesn't mean that you spend the way the Americans spend. Same in any other country. A good tip is to convert each expense to pesos all the time so you can gauge if the item is cheap or not. Live simply while you are working overseas. Always keep in mind why you are there.
- Watch what you send. When you work overseas someone is taking care of your children. It may be your spouse, your parents, your brother or sister. Agree on what you are going to send on a monthly basis and make sure its within your budget. Nothing more! Save the rest and invest it if you can.
- Don't spoil your kids. Most OFWs are so guilty about leaving their children that when they see them they take them on trips or shower them with expensive gifts. Stop that! Always remind yourself and your kids why you are doing what you are doing. How can you save when you spend all your money when you go back home! You go back to work and start from zero again! Useless!
- Lastly, tell the rest of your family that you are not made of money and that you don't want to keep working overseas forever. They can't always rely on you for their needs. I know! I know! Easy to say hard to do. Hey! Nothing in life is easy but if you are strong enough to leave your family to work overseas, you must be strong enough to tell them that they can't keep relying on you!
To the millions of OFWs who leave their spouse and kids behind. I salute you! I don't think I could do what you do. I'd love to hear your stories. Email me on hoover@barongroup.com.ph
Let me start by saying there is nothing that annoys me more than when Filipinos in Philippines think that the moment someone becomes an OFW, s/he becomes an instant millionaire. If you are one of them, you are 110% wrong! I remember my dad who has an engineering degree and years of experience, but when he tried his luck overseas he couldn't find a job for months then took on a waiter as a job, so that he can send money back to Phils in order for us to have food on the table and that us kids can go to school. In fact, about 95% of all the OFW or Filipinos I personally know who migrated overseas (Australia, New Zealand and Singapore) are still very average to this day i.e. not financially rich! This is also the case for people I know in the US, one is a doctor by profession. You would think she has loads of money but she actually asked her boss if she can work part-time because she cannot afford to retire - she is now 70 approx. I heard stories of Filos who graduated from top Philippine universities and yet they would take on any job as maids, aged care takers or anything, which is normally considered degrading jobs in Philz, so that they can send money back home. Yet you hear about their kids wanting the latest Nokia phone. Unbelievable! Shame on these people!
ReplyDeleteI agree with you Hoover, I too can't do what OFW do - specially being away with family. I am a father myself. I would miss my family when times I have to work on weekends, let alone being away for 10 years.
Hoover, I know you talked about escaping the OFW rat race but from your financial and local knowledge is there a way you/we/us can educate/help/assist Filipinos so they don't have to look at opportunities overseas and being away from their families? I know sometimes becoming an OFW might be the easiest and only option, but I'm sure if there is a will there is a way.
God bless those OFW for being away from their families and loved ones.
I like the Go! Negosyo campaigns that are being set up to teach people to be entrepreneurs. I hope P-Noy delivers on his promises to keep our Pinoys home. But in the short term I don't think there is much you can do about it.
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