For Overseas Filipino Workers (OFWs), financial independence often feels like an elusive dream. Juggling the demands of family support while trying to secure their own future can leave many feeling overwhelmed. However, according to Karlo Biglang-Awa, a Registered Financial Planner, it’s entirely possible to break free from this cycle by adopting a clear, strategic approach to money management.
Biglang-Awa emphasizes that saving consistently is the cornerstone of financial security. “Many OFWs are sending most of their income home to support their loved ones, but it’s crucial to allocate a portion for your savings,” he advises. Having a saving habit early on can make a huge difference in building a solid financial base. “I’ve seen many OFWs retire without savings because they neglected to prioritize their own financial future,” he adds. His key advice: save first, help later.
But saving alone isn’t enough to achieve financial independence. Setting clear, actionable financial goals is equally vital. Biglang-Awa underscores the power of having a roadmap. “Knowing exactly where you’re headed makes your financial decisions more purposeful,” he says. For OFWs, this could mean anything from retiring in the Philippines to starting a business or building a property portfolio. With clear goals, daily financial choices become more deliberate, keeping you on track to long-term success.
When it comes to investing, Biglang-Awa advises OFWs to start small but stay consistent. “Investing in mutual funds through a peso-cost averaging method is a simple yet powerful strategy,” he explains. Diversifying investments is also key. Real estate, in particular, is becoming increasingly popular among OFWs. “Thanks to online platforms, you can buy property in the Philippines from anywhere in the world, making it easier to build a passive income stream,” Biglang-Awa notes.
By focusing on savings, setting clear financial goals, and making smart investments, OFWs can transform their financial future and move toward true independence. With the right strategy, financial freedom isn’t just a possibility—it’s an achievable reality.
