Tips for OFW before investing your hard-earned money

Tips for OFW before investing your hard-earned money

 

Millions of people are affected brought by the COVID-19 Pandemic. OFW’s aren’t excluded from it, no matter how rich or strong their host countries are. Everyone has their personal story on how this crisis has changed their lives in a hard way.

In the Philippines, thousands of overseas workers have been landed already and the government is expecting more.

This crisis gives pain, disappointment, and hopelessness for many OFWs.

No matter what we do this bad thing already happened and the only option we can do now is acceptance.

Accept the big challenge of going home unprepared. That is the right mindset for you to start and plan your next step with a clear vision.

Don’t focus so much on what you lost, instead keep your focus on things you want to do now. It is hard but you can do it.

Some OFWs are planning to stay for a while in the Philippines until this pandemic calms down. While waiting for the next opportunities some are thinking a good start for their source of income.

Applying for work locally might be an option but it is hard at this time. While starting a small business is the most realistic one.

That is why investing in a business is the apple of the eye for many. Success business stories of many affected OFWs are their inspirations. Some even said that their earnings from their new business are better comparing to their monthly income abroad.

While those stories are really inspiring and boosting confidence, don’t be overwhelmed and jump quickly in this decision. I know you are eager to start creating the new source of income but proper planning is the key for a better start.

You are away from the Philippines for many years or decades. The systems and styles already change, maybe you need to sit a little while to assess things.

During my first few days in the Philippines, I was rushing, eager to do a lot of things but then later on I realized there are some wrong steps I did. Thankfully I reconsider the below, and I had the chance to correct things.

This tip might help you as well.

Tips for OFW

Think hundred, thousands, or even a million times.

No matter how small or big the capital amount you are planning to shell out, it is advisable to think many times what business you would want to do. Consider your areas, target market on what products or services are easy to offer and sell at this time.

“remember the years of sacrifices you did before having the amount you will use now”, you would want to invest it carefully.

Never trust easily whoever they are, million legit check

You are OFW, people have a mentality that you have overflowing money to fund your business. Even at this pandemic time, many are heartless victimizing OFWs who are eager to start a business. Never easily trust their offer whoever they are, always double-check their market reputation. Like what they normally say “ïf the offer is too good to be true, give a doubt on it”

Study the business

Start a business that you love and passionate about, this is what we always heard before. But now, realistically, start a business that you think people really need is all about. “This is not the time about what we want, it is what the consumers want”

Trust your instinct

If you have any smallest doubts about that business, don’t invest to that. You have to be sure and confident that the business you are venturing with has potential. But if you are a risk-taker, you can do it but don’t put all your assets in one shot.

Funds analyzation

Review your cash on hands, start a business that will not drain your savings. Aside from sustaining the business don’t forget the other payable on your head, you need to weigh things and be realistic to avoid drowning in debt in case it didn’t turn well. This is not about being negative, we just need to be balanced and practical at this time.

I hope the above will help you in some ways, thanks for reading!

 

Do you have any OFW-inspiring stories during this pandemic? or Tips for OFW, share it with us, that would be a big help for everyone who is losing hope of starting again.

Drop me an email to feature you in my next blog. Your stories might help someone to maintain positivity or change lives…

Email: pinayexpat.com@gmail.com / admin@pinayexpat.com

 

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