Working abroad takes a lot of sacrifice. This is why many overseas Filipino workers can't wait to retire and go home to their families.
With enough savings, retirement can be a promising idea. At long OFWs will finally be reunited with their loved ones, eat Filipino food, and attend family gatherings that they missed when they were miles away.
Most OFWs leave the country to give a better life to their families. Many "invest" in the future by sending their children to school. But is this enough to secure a comfortable retirement?
If you're an OFW and are planning to retire soon, here are some smart investments you should consider:
1. Mutual Funds
One of the simplest ways to invest your hard-earned money is through mutual funds, which require minimal time and effort.
Regulated by the Security and Exchange Commission, mutual funds are handled by fund managers of insurance companies and banks. These fund managers will be in charge of investing your money in the safest and most profitable way possible. One can start with as little as P5,000.
One can also buy shares of company through the stock exchange. This, however, requires intensive research and constant monitoring.
To get started, you will need to open an account with online stockbrokers accredited by the Philippine Stock Exchange. You can start with an initial capital of P5,000.
If you're into the food business but are not very familiar with the nitty-gritty of operations, it might be best to get a franchise from an established brand. Some franchises are for restaurant chains, while others offer food carts.
Although franchising is a tried-and-tested system, it can also be very risky. So it's important to choose a trustworthy franchise, and leave it to the hands of a trustworthy person. Franchise fees could range from P30,000 to as much as P1 million, depending on the brand.
Micro-lending is very popular in the Philippines, particularly in provinces where there are very few financial institutions. Micro-lending allows one to borrow money without the need to go to a bank.
It is, however, advisable that you only lend money to people you know or those endorsed by your friends. This will allow you to get in touch with them right away when payment is due. Your capital will depend on how much money you're willing to invest. But you can start with as little as P5,000.
5. Real Estate
Buying land or a house is one of the safest, albeit expensive way to invest. But if you have enough savings, then this could be a very good choice. Purchasing condominium or apartment units and putting them on Airbnb for short-term leasing is also a good idea.
With a good location, your property is guaranteed to appreciate in value in no time. Owning property will, however, require regular maintenance to keep everything in good shape.
For years, MoneyGram has been helping bring OFWs closer to home by ensuring that their hard-earned money goes to the right hands. Joining them in this mission are their partner remittance centers, such as M Lhuillier, Cebuana Lhuillier, Palawan Pawnshop, RD Pawnshop, BDO, BPI, GCash, and PeraGram. MoneyGram thus wants to thank OFWs for trusting them with a promo.
From January 17, 2018 to April 15, 2018, those who remit via MoneyGram will get a chance to be part of the "Idol Awards," where they can win P30,000 and a deluxe 3-day, 2-night stay at Solaire Resort and Casino.
For more details about the promo, visit moneygram.ph/en/mg-idol-awards or www.facebook.com/moneygrado.
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, they connect consumers any way that is convenient. They also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.
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