Some people consider debt as evil especially when it puts them in nightmarish situations. However, debt can be a helpful tool to grow your money and finance your goals. Debt is good when it is utilized for the right purpose. For many Overseas Filipino Workers (OFWs), fulfilling their wish to go abroad requires getting loan in any possible form. OFW loan for ph is one of them. This kind of loan assists OFWs to pay placement fee or other necessary fees pertinent to their flight. To qualify for this, the Overseas Certificate of Employment (OEC) is necessary together with essential requirements.
OFW loan for ph is also offered to allottee (wife, dependent or first-degree relative of the OFW). This helps the family during emergency purposes or augment fund for projects such as home mortgage, business capital and investment plans. Whatever the reason, securing loan to make your life better is a good way to achieve stability and security of the whole family.
Savvy- tips for OFW’s:
- Set your monthly family budget
It is important to set a budget to make sure that OFWs remittances are used properly. A realistic budget prioritizes the basic needs over wants. A good budget helps the family to save money. However, make sure that all members of the family know the details of the budget and committed to follow it diligently.
- Enroll in auto-debit program
This assists OFWs to save part of their hard-earned money. An egg nest is vital because it guarantees fund in case of emergency. It can also be arranged to pay your investment plans directly. This prevents you from spending the money for other purposes.
- Begin investing
Investing is highly-recommended way to earn passive income while working as OFW. Find an investment type which you think will give you profitable returns. Start small to test the waters. Unit Investment Trust Funds (UITFs), Mutual Funds, Treasury Bills, Stocks and Bonds are some of the best investment plans. Another popular investment is real estate. Many OFWs buy condominiums in Metro Manila and rent them out or used them as bed & breakfast spaces.
- Start a business
Putting up a dream business is fulfilling yet challenging. The Return of Investment (ROI) depends on its success. Getting a franchise of a well-known brand is a better option if you want to guarantee profit. Be ready to shell out larger amount of capital for franchise fee. If you need additional fund to finance start-up expenditures, your back-up plan can be an OFW loan for ph. This can be your lifeline every time you need to finance some minor to major expenses in your business venture. Once you pay off the current loan, getting a re-loan is easier.