Sad Truth: Most OFWs are Broke.
I just saw from the TV news that 1 out of 10 Filipinos working abroad is financially broke. Imagine most of them have been working for many years, separated from their family, but they don’t have enough savings for their retirement.
What went wrong? Financial planning is something that they didn’t take into consideration. They felt that the flow of money is never ending. Only after many years, they would realize that they don’t have enough when their job contracts are ended and no longer renewed.
For those OFWs reading this and still working, it’s not yet too late to start planning for your future. Time flies. You will see yourself someday that retirement is just around the corner. There are many investment avenues that you can consider to prepare for the future. Here’s a list of some that you can think carefully about.
Stockmarket
A regular monthly or quarterly accumulation of blue chips companies stocks is something you can consider. If you do it religiously, even in a down market, you can still earn in a long term if your investment timeline is around 5 years or more.
Mutual Fund
Mutual Fund is a pooled of money from different people and that is invested in different assets. It could be invested in Stockmarket, Bonds, etc. The fund is managed by people called fund managers. If you don’t want the trouble of analyzing companies stocks, you can invest in Equity Fund. If you wish to diversify your money to other type of investment, you can put them into other type of funds like Bond Fund, Balance Fund, Money Market Fund, etc. A more powerful strategies are can be read from the book “How to Make 10% to 70% per Year with Philippine Equity Fund”.
Franchise Business
If you want to go into business but you don’t have the expertise to develop your own operating procedures and if you don’t have the experience to start one, franchising an establish business could be your option. You just need to investigate if the company you choose has the good reputation in helping their franchisees.
Rental Properties
You can buy a house or condo and make money out of it by renting it to other people. Don’t just buy a property. You should consider the location if it’s near the commercial area or school. I suggest don’t buy a pre-selling property. If you want a true value for your money, buy foreclosed properties. You can ask banks and other financial companies for their list of non-performing assets. Choose from the list and you can haggle for a discount. Ten to 30% discount is possible. You just need to try to haggle.
OFW or not, you can do these suggested investments to secure you and your family in time to come. You should start and have at least one of them. It’s better if you can have them all.
In my case, I already have the first two so far. In the future, I’m planning to have all of them slowly but surely. There will be challenges along the way but God always there to support and guide me. So, I believe, in the future I will have all of them.
Good post fellow Dragon Warrior..
ReplyDeleteThanks Romina =)
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