Financial literacy book launched to help fellow expats manage their money

A seasoned Filipina marketing professional has come up with a book on financial literacy, which serves as a comprehensive guide for fellow overseas workers in managing their resources and not end up penniless when it’s time to go home for good.

The debut book, “It’s Not What You Think: Cracking OFW Myths on Personal Finance,” was recently launched during a gala event at the Al Safa Art and Design Library on Al Wasl Sreet near Safa Park.

The author, Joanne Rico, condenses over a decade of her experiences as an Overseas Filipino Worker (OFW) into valuable perspectives on money management and the opportunities open to other OFWs.

“I have walked in the shoes of OFWs, experiencing loneliness, exhaustion, and financial difficulties. This book is my way of empowering fellow OFWs in preventing common money mistakes, developing a sound financial plan, and realizing their dreams,” Rico said.

A Call to Financial Literacy

The book emphasizes on the need for OFWs to learn more about personal financial management. Following years of extensive research, Rico drafted the book fully aware that many OFWs still end up broke despite having worked abroad almost all their lives. This, due to a lack of education regarding sound financial management.

Rico’s book is a comprehensive, layman’s guide that provides practical pieces of advice on money management, investment strategies, and how to prepare for unforeseen circumstances.

His Excellency Alfonso Ver, Philippine Ambassador to the UAE, praised Rico’s commitment to OFW care. “We are fortunate that there are people who offer to share what they have learned, as nothing can replace the wisdom of experience,” he said, in his congratulatory message in the book. “This book is a prime example of someone who wishes to share what she has learned, and willing to provide a guide, based on her years of experience as an Overseas Filipino,” the ambassador added.

The much-anticipated event, which was attended by some 100 OFWs and Filipino community leaders, was graced by Vice Consul Kenneth Jim Joseph M. Jimeno of the Philippine Consulate General’s Office in Dubai.

“Overseas Filipinos need to be practical when it comes to financial matters. This  book will help (them),” he said in his speech.

Empowering OFWs

In addition to the unveiling, the event included a showcase of Filipino creatives and influential personalities from all over UAE including an inspirational talk by the award-winning Filipina marketing expert and financial literacy advocate Roxane Negrillo-Magbanua, who, in her presentation discussed the different factors that have caused OFWs to end up penniless despite having spent many years working abroad.

“The story of an OFW toiling away in some obscure part of the world to pay for a sibling’s education or to fund a relative’s new business venture is all too familiar. While most OFWs generally earn substantial income, it doesn’t necessarily mean that they are not struggling financially – and it’s not surprising why.

“Typically, families left behind think that those who are earning in a different currency have an endless supply of money. Whenever more funds are needed back home for “emergencies” or even for parties and celebrations, the one working abroad always comes to mind.

“In the end, many OFWs struggle to manage their finances. While there are indeed successful ones who are able to purchase a home or start a business after working abroad for years, many OFWs still come home with no savings, or worse, burdened with debt,” she said.

Other highlights

Other highlights of the event include a fashion show by another award-winning overseas Filipino, renowned Abu Dhabi-based couturier, Aldwin Jlo Guardiana, whose special collection showcasing vibrant colors and intricate designs in the baro’t saya was presented by the top three winners of the Mutya ng Kasarinlan 2023 – Rechel Hoco, Angelu Adan, and Mariah Jewel Pencil.                                                                               

There also was spoken poetry by Ester Castillo, who recently launched her book of poems, and on-the-spot painting in a style of symbolism by the famed visual artist, musician, singer, composer and mountaineer, Sky Biscocho.

Live lounge music was provided by Ivy Grace Paredes – X Factor UK finalist, UAE’s Global Pinoy Singing Idol and Talentadong Pinoy winner, backed by the Bokal’s Vocals singing duo, Ryan Cipriano Mayor and Angelo Bernal.

‘More than a book’

“‘It’s Not What You Think: Cracking OFW Myths on Personal Finance,’” is more than a book; it is a call to action for OFWs worldwide to take charge of their financial futures. With the right knowledge and mindset, I believe they can achieve their dreams and provide a better future for themselves and their families,” Rico said.

Rico, who is from the Philippines, joined the Filipino diaspora in 2009, leaving her native country to pursue a marketing profession in the Middle East. Her main objective was to provide a better future for her family back home. She quickly realized that the route to financial security for OFWs was fraught with difficulties and misconceptions.

The book’s editor, Jojo Dass, highlights the significance of Rico’s work, saying, “For OFWs, this book is a game changer. It demystifies personal finance and gives readers crucial insights into how they may find a balance between supporting their relatives back home without forgetting about their own financial needs before they retire.”