OFW Short Term Financial Plan | What's the Problem with this Plan?

The intentions of working as an OFW sounds good, but the end results will still lead to financial dependence on others. It is a short-term plan. Know the difference and pursue a Long-Term Plan while working as an OFW. 



Basically, there are three stages for OFWs:

1st Stage: Working overseas as long as they can, until they have to return to the Philippines.

You decided to work as an OFW because you needed a job that pays more than you could make in the Philippines. You had to solve your family's financial problems. 

And while working as an OFW, you regularly remit money to the Philippines for your:
  • Spouse
  • Parents
  • Siblings
  • Possibly other relatives
Why do you have to send the money? It's because family in the Philippines need extra cash to live. The question now is this. When will the family in the Philippines ever have enough income to live in the Philippines? Maybe never.

Now, as everyone gets older and families are growing, are the monthly expenses getting bigger and bigger? Of course it is!


2nd Stage: Starting all over again when the OFW returns to the Philippines typically around 45 years old and working until they retire at age 65.

At the end of your contract or when you retire as an OFW, will you get a similar paying job back in the Philippines? 

How then do you plan to solve your financial problems between the ages 45 to 65 in the Philippines? Where will the extra income needed for your family to live come from during this time?  At this point, won't your financial problems be even bigger than before you initially went abroad as OFW?

3rd Stage: Retirement

How do you plan on solving your Financial Problems after you turn 65 and is no longer working? Will you be able to do that? If not, who will you turn to now for financial help? Most likely, you will have to turn to your grown children for financial help in old age. Was that your plan all along?

If you are planning to work or is currently working as an OFW, try to understand the big picture compared to pursing a real future living overseas as an Immigrant to Canada. The Difference in Long Term Income Earned and benefits received is huge. 

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