If you are an OFW like me and looking for ways to invest your money, here’s some tips for you to consider. Below are some investment vehicles that will surely help you save for your future and make your money work harder. Eventually, this could also lead you to become financially free and finally go back to the Philippines for an early retirement.
Before you ever consider of investing your money for long term, you should at least have a health or life insurance to help you in times you get sick. It is the basic and primary block in a safe and sound investment planning. For sure you are aware that getting sick abroad is very costly if you will pay the bills out from your own pocket. I knew some of my friends who was in this situation and spent thousands of dollars in hospital bills. If they only get health insurance for themselves, they should have at least enough money to cover the bills, and even compensate them for being sick. Check my blog post about health insurance here.
There are lots of insurance companies that offers various packages in the Philippines and abroad. Choose the one that suits you. Some insurance companies offers packages that comes with investment scheme. It is a good strategy that while you are investing, you are also insuring your self for any uncertain things that might happen. You don’t want to end up withdrawing your long term investments just to pay your hospital bills.
REAL ESTATE
As an OFW, many of us have invested in buying real estate properties such as lands, houses and condominium units for rental purposes. This is one of the best investment opportunity that can give us passive income if properly planned. However, this requires huge amount of money base on the price of the property you will buy. Plus it might also take time to pay all the balance, unless you have enough cash to cover it. Most OFWs get their unit in an installment basis for years. The problem may arise if in case you failed to pay your monthly mortgages due to some reason. Consider this option if you think you are well capable of financing the property.
MUTUAL FUND
As an OFW with zero knowledge about investment, this is the best option for you. All you have to do is to open a mutual fund account (here’s how) and deposit your money to the investment company. Minimum investment is only Php 10K only, making it really affordable to any OFWs abroad. To know more about mutual fund, read my article about it here.
In mutual fund, it is the fund manager who manages the investment. Instead of you handling your money, let the PRO handle it for you. You just need to sit down, relax and continue to top up money to your account. This is a long term investment and requires at least 5 years to fully maximize your money growing. Don’t worry, you can pull out your money anytime you need it. But then, you lose the opportunity of making your money works harder thru compounding interest.
Stock market is very accessible now to ordinary citizen. You don’t need to be rich to open an account, Php 5K will do for your initial deposit (here’s how to open). This is one of the investment vehicle that rich people are using. Especially now that the Philippine economy is in good shape, leveraging thru stocks is a good choice. However, buying and selling are done online and requires knowledge in doing it. If you will invest in big companies for the long term, you will get the best potential growth of your money. Instead of putting up your own business, become a business partner and share holders of the companies that you dearly love. Consider this option if can keep it for long term. Same with mutual fund account, you can pull out your investment anytime. However, you will lose the opportunity again to make your money grow more. To find out more about stocks, check my post.
This investment vehicle works similar to mutual funds. All the money invested by several investors will be put in a pool, managed by the fund manager. The fund manager then will invest the money to various investment vehicles. There is not much knowledge require for this as the only thing you need to do is to open an account and put money on it regularly. Let the PRO handle it for you.
This is also a long term investment. To get the maximum result, invest your money for several years. Unlike with mutual funds, you cannot open UITF account overseas. Only big banks in the Philippines offers this and you need a physical appearance to open an account. Most of them requires minimum investment of Php 100K, quite big for most of us . To know more about it, read my blog.
P.S. A year ago, I do not know anything about investment. Then I joined Truly Rich Club by Bo Sanchez. It was the best decision I ever made in my life. Brother Bo is a spiritual preacher and at the same time, financial literacy advocate whose purpose is to help people become rich in order to serve the LORD with the money that they have. He guided me along the way, explaining how I can manage my money and make it work hard for me. Now I’m investing in stocks and mutual funds and have a clear path for my future. Soon I’ll open UITF account as well. All are made possible by his guidance and teachings on every steps to become an investor. Being OFW isn’t forever, this is my EXIT PLAN. It’s amazing how his teachings change my life. I’m inviting you to join the club too, JOIN TRULY RICH CLUB. If you have any question, feel free to leave your comment below. CLICK HERE TO JOIN
Hi,
Thanks for the information you sent about OFW business opportunities. I happen to know a business opportunity that is just beginning to expand here in the Philippines. You might find it very interesting. Some of the younger members who joined 2 years ago are now millionaires. Please visit my member website to know more about this opportunity that you don’t want to miss. It surely has a place in your blog. Please visit http://gelloso.usana.com. Please let me know what you think or if you are interested in joining and be a member distributor. I would suggest however that you try our products first and experience the benefits yourself.
Best regards,
Gino Elloso
Independent Distributor
Usana Health Sciences
Member ID#6284999
thanks gino. you have a great company, i know few of my friends are doing that. as of now, i will say pass to your opportunity. goodluck to you!