- Bank Account – you need a bank account. I know before you leave Philippines, you already have a Philippine bank account. You should have bank account at least one savings account.
- Email Address – if you have Facebook account, it is impossible that you have no email address.
- Valid IDs- you can use driver’s license or even your passport
Richest OFW Tips
Step One. Everytime you receive your salary, you must manage your money. It is up to you how do you manage your own finances. The important thing is you practice managing it. The amount doesn’t matter, the habit does.
Step Two. Save money in your savings account, at least 10% to 20% of your salary. You can save more than that if you want.
Step Three. Open an investment account. This investment account shouldn’t be touch by anyone even you. What types of investment available for every OFWs?
Stock Market – this should be done by opening a stock brokerage account. You can ask COLFinancial Group, this is where (me and my spouse) invest money in the stock market. For more information about COLFinancial, just visit their official website at www.COLFinancial.com
As a Guide: 5 Steps to Open a COLFinancial Account
Mutual Funds – there are many mutual fund companies in the Philippines. Choose the top performing funds and the best mutual fund companies in the Philippines. You can open mutual fund account via First Metro Asset and PhilEquity Fund, Inc.
As a Guide: Information of Mutual Fund Companies and Mutual Fund Awardees
UITF – UITF means Unit Investing Trust Funds, you can invest in UITF using your savings account through auto deduction every month. In my case, I use BDOUITF (Banco De Oro Unit Investment Trust Funds). I invest P2,500 every month in UITF.
As a Guide: BDO Easy Investment Plan
I do know your hardships and trials you encountered as an OFW. You deserve to retire rich and comfortable. The best thing to do now is to open your mind in investing, learn financial literacy by reading books, attending seminars (good news we have fellow Filipinos who conduct investing seminars in every countrys; most of these people are RFPs Registered Financial Planners). You can also ask on forums or write your questions in this page.
Maybe you ask, I don’t have large amount of money to invest. Do you know for as low as P5,000 you can start investing in the Philippine Stock Market? Maybe you asked again, how can I become rich in P5,000? Well, I may say a P2, 500 per month investment can turn into millions.
Must also read – Amazing Future Value of P2,500 Per Month Investment
Basic Information Why Some OFWs Aren’t Rich
Is investing risky? Yes, it is risky. But be reminded, the risk you take is always proportionate to the rewards that you can get. You will know how to manage risk if you will listen to the financial experts by attending seminars.
Why Many OFWs are Still Poor? The reasons why some OFWs are still poor despite of working too long overseas is they don’t know how to manage their finances. They are not familiar with investing. They are familiar with happy go lucky. “Let me spend all my hard earned money” or “Making impressions when they go home buying the things they don’t really need”.
Work Overseas – Earned Money – Go Home – Spend All the Money – Poor Again – Work Overseas –Earned Money – Go Home – Spend All the Money – Poor Again – (Cycle will Last Forever if you don’t change the way you handle your finances).
Who is the Richest OFW?
Richest OFWs are the ones who go home and has enough earning assets that sustain his lifestyle. It means, an OFW can live many years without working again. You are not rich if you have a car, a house and lot but still working for someone else especially for foreign men.
Now, decide whether you want to become a retired rich OFW or retired poor OFW. It’s your choice.
Tips: Do not get lured for every investment or business opportunities online. Do not try the so called “get rich quick” scheme. It is ideal to get rich slowly but surely. We believe, if you will get rich slowly, you will become rich permanently. It is because along the way, you will be more skillful on how to multiply your wealth. Rather than, get rich now and be poor tomorrow.
Our goal is to become rich permanently, it start with you. And believe me on this, your spouse, your kids up to your grand children will get benefits from your “assets”. So, start investing now.
Learn Financial Literacy
If you want to receive more updates, investing tips for every OFWs, please like our Facebook page or always visit InvestmentTotal.com. It is a pleasure for me to know that the ones who get benefits from this blog is my fellow Filipinos. (Note: 70% visitors of this blog are Americans and Canadians) searching for “retirement planning”.
If you are an OFW reading this page, you might want to share it to every OFWs worldwide using every social media sites. Do you have comments about the richest OFW, please share your thoughts and opinions about the ways on how can an OFW become rich.