How to grow your wealth, increase your income

By Aiza Lumbuan, ANC

Posted at Mar 03 2015 10:27 AM | Updated as of Mar 03 2015 06:29 PM

MANILA, Philippines - If your business is your sole source of income, it could be time to rethink your portfolio.

So how do you make sure you are maximizing your wealth’s growth?

In an interview on ANC’s Shop Talk, financial advisor Raymond Laurence Cleto said it is important to pick the right investment products for your needs that will beat inflation.

If your only objective is to keep your money, then you can park it in the bank. But if your goal is to growth your wealth, savings and time deposit accounts are not the options.

Cleto stressed your money should not be placed in idle places where it won’t earn.

One option you can look at is Philam Life’s Money Tree Elite. It is essentially an investment plan with built in guaranteed life insurance benefits. This type of instrument can cater both to conservative and aggressive investors.

Meanwhile, Souq Organic’s Em Sulit, her strategy is different.

Since she and her husband started their business in 2010, they learned to reinvest the returns of their business, which led to another venture, The Game Changer.

The main areas they focus on are in increasing distribution channels, stock inventories, new products, market studies, brand building, among others.

When it comes to managing the returns, they treat each business as a separate entity. The funds are also separated and reinvested in them so that it can sustain itself.

For others who are employed but looking for an alternative job or extra income, you might be interested in becoming an accredited financial analyst.

Accredited financial analyst Antonio Paolo Jimenez said if you are interested to be one, you could take the AFA program of the American Academy of Financial Management of the Philippines. This usually takes about four weeks.

This type of job allows you to do advisory, financial planning, equity research and even fund management.

These are just few of the many options you can look at to grow your wealth or earn extra income. But at the end of the day, it is important to keep in mind that you must do your due diligence before getting into something and make a research.

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For more tips, catch ANC’s “Shop Talk” every Thursday at 7 p.m., with replays at 10:30 p.m. and every Friday (3:30 a.m. and 1:00pm), Saturday (9 p.m.) and Sunday (4 a.m.).ANC's Shop Talk can also be watched on iwantv.com.ph and on tfc.tv (for viewers outside the Philippines).