Migration or Business: Which one is Better for Filipinos?

Many Filipinos abroad often think about going back again to the Philippines; they also dream about having their own business or to even finally retire after working through their days abroad. But then again, OFWs also think that going back in the Philippines might spell further financial difficulties let alone investing in a business rather than outside the country.

This cycle of questioning whether to live abroad or stay in the Philippines is really one of the most annoying – if not – stressful events that will ever plague a typical Filipino employee’s mindset. When you have been working for god knows how long, only to wish to go abroad and then come back again to live a life where you left; it might become a problematic event where you might even question your life’s success.

Is it really better if you can live abroad? Or it’s better if you have established your own business locally? To tell you the truth, migrating and finding opportunities abroad is also a great idea to do especially if you do not have any capability to invest on any business yet. If you have a family to feed already and can’t compromise with an average wage in the Philippines, then going abroad might be right for you. But with the higher salary and better standard of living, is it also better than having a business in the Philippines?

Do not get it wrong that living abroad will make you learn more about entrepreneurship or business. Most often than not, because you are so focused on earning money abroad; you may fail  to receive the right experience to invest or have missed the opportunity to establish a business due to the compromise of working in order to provide welfare for your family. Next thing you know, you’re 65 years old abroad, and still working on a job – hoping that you can retire with enough income or savings but without any investments or business. The sleepless nights then start to happen.

Working abroad is not bad – but it doesn’t mean it is better. Sometimes we forget that we must also invest and establish a business that will – in turn – provide financial freedom for us when we are old or unable to work anymore. Therefore, choosing between migration and business is not exactly a question of “being better” but of “What can you prepare for?”

Although establishing a business firsthand might pose a challenge; always remember that by the end of your career, you might ask yourself “who do you really work for?” Is it you or somebody else?

Having your own business I believe is much better than just going abroad – because when you have established a business, you will not only rely on your job abroad in order to create income. You can spend time with your family and friends, share the best moments of your life, enjoy what you do best, all the while earning from what you love to do – these are the perks that overseas workers often do not receive.

But then again as I have said in my book “Polymath’s Profit”, if you love “working” rather than having a business – then at least invest on insurances, stocks, or trust funds to secure your future and financial freedom for you and your family.

As a final note, always decide on what you do for your future. Regardless how underrated “follow your passion” is – still, make your success come true by making them a reality and deciding to achieve them rather than just speculating which one is better… migration or business. Because what matters in the end is how you can make your life financially free.  Regardless if the “grass is always greener on the other side”, make your decision to go with it and you’ll know if it is right for you. But always remember… You can choose whichever is better, but never forget to invest for the future. –Jay Penn

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"Jay Penn" is a Financial Literacy Mentor and Investor who is best known for his Book "Polymath's Profit". He is also an expert in the field of Maritime, Engineering, and Emergency Medical from his past careers. Experienced with Security Analysis, Crisis Prevention, Contingency Planning, and Global Maritime Distress Safety System. Currently instructs Nautical Sciences and is an avid Researcher of Business and Economics. He is also recognized as the "Top Maritime Instructor" for 3 consecutive years in the Maritime Education from 2014; raising the standard for the Maritime Industry and Training.

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