Money Mistakes OFWs Should Avoid
Despite millions of Filipinos currently working in and earning dollars from land-based and sea-based jobs outside their country, many of them still find themselves struggling financially. And although this phenomenon may be due to a variety of factors, closer inspection points out that this problem is mostly caused by poor money management and financial mistakes on the OFWs’ part. If you’re also an OFW and you want to avoid these pitfalls, then it’s best if you know these mistakes most global Pinoy employees make.
Living Extravagantly
Fine, working abroad allows you to enjoy your wages in dollars and increases your purchasing power. But just because you’re earning greenbacks doesn’t mean you should be careless with your spending. In fact, it should make your more careful. The more you earn, the more you tend to spend, and if you’re reckless with your hard-earned cash, you’ll find yourself bleeding out financially soon.
Over-Remitting
It’s one thing to not send enough money back home, but over-remitting your earnings can also be bad for your financial life. Not only would you risk your money to unknown expenses by doing so, but you’ll also make yourself vulnerable to financial risk should anything happen to you. To solve this dilemma, best allot a budget for your personal and emergency use while away from home, as well as encourage your loved ones to save the money you send them.
Not Investing
Saving isn’t enough for OFWs (or everyone else for that matter) to achieve financial success. You also need to make smart investments if you want to your money to grow and to obtain financial freedom. Thus, you need to invest the money you save on the right endeavors (i.e., business, stocks, real estate, etc.).
Maintaining a Wrong Mentality
A person’s mindset can be very decisive in shaping one future. Thus, if you’re mindset about life and money is crooked, you’ll have a higher chance of making a few financial blunders along the way. To correct such mentality, you need to educate yourself on how money works, as well as train your mind to forego beliefs that would prevent you from achieving your dreams.
It’s Not Too Late
Chances are, you’ve already committed some of the mistakes listed above. The good news is, it’s not too late to turn things around. By understanding these financial pitfalls, you’ll be more able to avoid them in the future, allowing you to become successful in your career as well as your financial life, and helping you provide a good life for yourself and your loved ones.
Should you need immediate financial assistance for urgent or emergent matters, do not hesitate to apply for a Global Dominion OFW Personal Cash loan now.
