Coming back home means planning for it

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MANILA, Philippines – Lists run our day-to-day activities, whether we like them or not. Each of us probably has some kind of list to refer to – things to buy at the supermarket, things to do at work, things to get done over the weekend, things to do before the age of 40, and so on. Unfortunately, preparing for one’s financial future gets the least priority, or doesn’t even make the list.

This holds true as well for thousands of overseas Filipinos who fail to plan for their future. Many are so obligated to keep on sending money to loved ones back home, leaving the entire responsibility of earning and saving to the OFWs. OFWs feel guilty leaving behind their families and thus, compensate materially with things hard-earned money buy.

OFWs can dispense tough love by withholding some of their hard-earned income and asking their dependents to make the money that does get sent home work hard for them. One doesn’t need the latest smart phone to call and text. One doesn’t need designer brands if generic labels work just the same. The dependents should make sure to live within their means and spend the money wisely.

In the meantime, what should an OFW do to money withheld? It’s one thing to actually have money to invest and another to have no clue what to do with it. Once financial goals are defined, one should invest in financial instruments that feed his risk appetite comfortably and according to his plan.

In the long run, most OFWs dream of coming home instead of toiling their retirement years abroad. But coming home means planning for it, and there’s no time like today to do it.

If you still don’t have a plan, or maybe just want to revisit goals you’ve set in the past, talk to your financial advisor and discuss how you can start achieving them; you can begin by logging on to http://philamlife.com/en/individuals/products-and-services/ofws/.   (advt)

Bring home more than just a Balikbayan Box for your family

with Philam Life’s BalikBayani Pasalubong Package for OFWs.


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