Top 10 tips to achieve financial freedom\u2013from the Bible<\/a><\/p>\nIn fact, the danger is highest when OFWs attempt to start businesses while still working abroad.<\/p>\n
Here are the reasons why:<\/p>\n
1. Funding without leading<\/p>\n
One of the biggest mistakes OFWs make is becoming \u201cabsentee entrepreneurs.\u201d You provide the capital, but someone else runs the business.<\/p>\n
In many cases, this person is a family member or friend. While there are exceptions, the sad reality is that trust doesn\u2019t always translate to competence\u2014or integrity.<\/p>\n
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You\u2019re working 12-hour shifts abroad, sending your hard-earned money back home, and hoping your sari-sari store, tricycle business or mini grocery will grow.<\/p>\n
But you\u2019re not there to monitor the daily operations. You\u2019re not seeing where the money goes. You don\u2019t know if the earnings are being reinvested or spent.<\/p>\n
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I\u2019ve heard countless stories where the OFW is left with nothing: the business folds, relationships are strained and years of sacrifice are lost.<\/p>\n
Entrepreneurship requires hands-on leadership. Capital alone does not guarantee success.<\/p>\n
2. Lack of business know-how<\/p>\n
Many OFWs dive into business without the proper training or experience. They might be great at their jobs overseas\u2014as nurses, engineers or technicians\u2014but business is a different world. It demands knowledge in operations, marketing, accounting and more.<\/p>\n
Starting a business just because a relative or friend suggests it\u2014or because it worked for someone else\u2014is not a wise strategy. Every business involves risk, and without education and preparation, that risk multiplies.<\/p>\n
Before putting money into a venture, OFWs should invest first in financial literacy and entrepreneurial training.<\/p>\n
Learn before you launch.<\/p>\n
3. Over-romanticizing the \u2018come-home-for-good\u2019 dream<\/p>\n
It\u2019s natural for OFWs to dream of coming home for good.<\/p>\n
But it must be backed by a solid plan, not just emotion. Many OFWs are so eager to return that they rush into business without counting the cost.<\/p>\n
A business isn\u2019t a magic exit from working abroad. In fact, it can create more stress, especially when it starts to fail. Instead of being a pathway to freedom, it becomes a trap of debt and regret.<\/p>\n
The transition from employment to entrepreneurship should be gradual and well-planned. Don\u2019t use your business as a ticket home unless it has already proven to be stable, profitable and sustainable.<\/p>\n
4. Pressure from family and community<\/p>\n
Let\u2019s be honest. Many OFWs are pressured to support not just their immediate family but their extended relatives.<\/p>\n
Often, the idea of starting a business is influenced by well-meaning\u2014but sometimes entitled\u2014family members who promise to \u201ctake care of it.\u201d<\/p>\n
This dynamic can lead to emotional manipulation:<\/p>\n
\u201cKaya mo na \u2018yan; ikaw na ang nasa abroad!\u201d (You can take care of it; you\u2019re the one based overseas.)<\/p>\n
\u201cPara naman makauwi ka na!\u201d (It\u2019s so that you can come home)<\/p>\n
And so, out of guilt or desire to please, OFWs pour money into businesses they did not study or plan for.<\/p>\n
Entrepreneurship requires objectivity. It cannot be driven by pressure or utang na loob (debt of gratitude).<\/p>\n
Always remember: your hard-earned money deserves wise stewardship.<\/p>\n
5. Starting with the wrong mindset<\/p>\n
Another danger is the belief that entrepreneurship is the answer to all financial problems. It\u2019s not. Most small businesses in the Philippines don\u2019t last beyond three years. Success in business is not guaranteed.<\/p>\n
Some OFWs pour everything they have\u2014retirement money, savings, even borrowed funds\u2014into one business venture. It\u2019s an all-or-nothing move.<\/p>\n
When it doesn\u2019t work out, the result is devastating: no savings, no income and in some cases, no way to go back abroad.<\/p>\n
If you are going to start a business, do it with the mindset of a steward, not a gambler.<\/p>\n
Start small. Test the waters. Grow gradually.<\/p>\n
Focus first on building a strong financial foundation. This means having an emergency fund, insurance, zero debt and savings set aside for capital, not borrowed money.<\/p>\n
At the same time, educate yourself through business courses or mentors. Start small while abroad, and wait until you\u2019re home or have a trusted partner before going all in.<\/p>\n
I believe many OFWs can become great entrepreneurs. But it must be done wisely, not emotionally. Don\u2019t let your years of sacrifice go to waste because of poor planning and misplaced trust.<\/p>\n
Remember: A business can be a blessing\u2014but only if built with vision, discipline and stewardship. INQ<\/p>\n
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Randell Tiongson is a registered financial planner of RFP Philippines. To learn more about personal financial planning, attend the 112th RFP program this July 2025. Email [email\u00a0protected]<\/a> or visit rfp.ph. \u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Overseas Filipino workers (OFWs) are rightfully called modern-day heroes. Their sacrifices have sustained countless families and propped up…\n","protected":false},"author":2,"featured_media":16725,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[45,49,48,137],"class_list":{"0":"post-16724","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-entrepreneurship","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-entrepreneurship"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/16724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=16724"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/16724\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/16725"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=16724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=16724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=16724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}