Sunday, February 26, 2012

Invest an OFW's remittances

I think most of us have the notion that a friend/relative/acquaintance has it better and easier than us. But what we probably do not know is that they have made their own sacrifices in order to be where they are. For example, while salaries in other countries is higher than here in the Philippines, people who go abroad aren't exactly picking up gold bullions but are working hard to hopefully provide enough for their families.

That's why I think it is never a good idea to just depend on remittances and not build a nest egg using those remittances. If possible, set up a business or invest rather than use up the money to buy luxuries that go out of style and don't provide you with a continuing source of income. In other words, have a plan B. Something might happen to the breadwinner, ordinary things like getting old or sick or something, or unexpected things like an accident. And then, where would you be? And of course, you'd want your loved one to be able to come home for good, don't you? So make his/her sacrifice worthwhile.

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