Overseas Filipino Workers (OFWs) are considered modern day heroes. They work in a foreign land in the hopes of providing a better future for their families thousands of miles away.
Becoming an OFW is a big sacrifice emotionally and financially. However, WorkAbroad is here to guide you with Five Ideas OFWs Can Invest Their Savings.
1. Sari Sari Store/Mini-grocery Business
The humble sari-sari store is a symbol of the Filipino entrepreneur. When starting a sari-sari store, it is important that it is located at a prime spot with a lot of foot traffic or office buildings. What's great about a sari-sari store is that it requires minimal investment with low overhead costs. Even family members can easily take turns manning the store.
Franchising is one of the simplest and safest methods to start a business for the Filipinos who work abroad. Franchisors teach their franchisees everything they needu to know about how to run the particular franchise. Franchises are a great way to start a family run business. Kids can eventually learn to operate the branch from their parents.
3. Online Selling (E-commerce)
E-commerce is booming. Nowadays, there are many websites like Shopify and even Facebook that offer methods on how to easily open an online shop. With an online business, you can sell anything from fashion apparel and accessories, to electronics and even furniture. Displaying pictures, marketing the products online and interacting with the customer can be done anywhere with a good Internet connection.
4. Real Estate
For many centuries, a house and lot, and even condominiums, have been one of the few investments that do not rot away, and in due time increase in value. Real Estate can also be a great business venture. OFWs have access to a huge customer base of fellow OFWs who are looking for real estate to invest in back home in the Philippines.
5. Safely Invest In Mutual Funds
Mutual funds and unit investment trust funds, (UITFs), are safe investment options that require little to no effort on your part. You can get started with a mutual fund or UITF for as little as Php5,000.00 and enjoy a higher interest rate compared to solely investing your money in the bank. Mutual funds and UITFs are great investments for OFWs because they are managed by a financial professional, allowing you to focus on other business ventures to generate some passive income.
You will not be working overseas forever, so generating some additional income when you return home should be of utmost importance to you. Whether it’s starting a simple business or venturing in mutual funds, investments are an opportunity for financial independence OFWs shouldn’t miss out on.