4 Types of OFWs And Their Financial Personalities By PINOY OFW on March 16, 2013 OFWs, or Overseas Filipino Workers, now number in the hundreds of thousands and are located in various countries around the world. There are overseas workers in Dubai, Saudi Arabia, Hong Kong, USA and UK among others. Even though life might have been better for them and their families since they left the country, at least financially, it is important for them to set priorities straight so that they can come home after a few more years and reap the benefits of their hard work. Enjoying too much of their earnings and forgetting to save is a common pitfall among OFWs. However, there are those who have already mapped out their plans even before they leave. OFWs are grouped into four, according to their financial strategies. 1. Class A. The Idealists These are the top-tier Filipino workers who have a clear set of goals and intend to finish quickly by saving as much money as they can and making reliable and promising investments in the Philippines. Class A workers understand that they cannot afford to work abroad for the rest of their lives and that their status is just a means to make life back at home more manageable. They use their income to set up businesses in the Philippines until they can generate enough to come home indefinitely and grow their wealth further. 2. Class B. The Struggling Idealists These workers also understand the value of money and the importance of making investments so that they can earn residual income that will sustain them permanently and even after retirement. They usually buy land, start small businesses and save money in the bank. However, they are not as careful and savvy when it comes to making investments and might misunderstand risks as big opportunities. With careful planning and further financial education, Class B OFWs can transform into Class A. 3. Class C. The Status Conscious These individuals spend their hard-earned income on embellishments and luxurious items like a huge house, a sports car, jewelry and the latest gadgets. They also invest in the same things in the Philippines. The problem is, they might not have enough tucked away for emergencies or to last them until after they retire from work in a foreign land. There are Class C OFWs who have relished too much on their present riches to prepare adequately for the future. Their financial stability then becomes very short-term. 4. Class D. The Great Spenders These OFWs are at the bottom of the list because they squander their money on useless items that will not provide them with security should they resign or be fired from work. They simply spend on the latest gadgets, toys and vacation. When they come home, they even spend more than what they have using their credit cards. When they get back abroad, they’re usually deep in debt already. By knowing the different financial behaviors adopted by OFWs, we can better plan for our trips should we ourselves intend to go abroad for work in the future. Understanding the financial personalities also helps us help our loved ones working in other countries create more solid life strategies.
Posted on: Thu, 08 Aug 2013 10:32:03 +0000
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