What are some important investment tips for
the average balikbayan?
- Learn everything about investments
- Ensure the legality of the investment
- Pay off your remittances regularly
- Send money thgrough safe channels
Filipinos who’ve taken on overseas jobs – also known as balikbayans – decided to leave their beautiful homeland and loved ones in order to achieve a life with financial security, comfort, and wealth. These people from the Philippines who have overseas jobs have this as their main goal and work hard day in and day out to accomplish it. You may have had the same thing in mind as you departed the Philippines and went off to some far-off foreign land.
These days, however, simply working to the bones and saving your hard-earned money is not enough to fulfill you and your family’s dreams of prosperity. The only way to let your money grow faster is through investing your savings, so you need to invest smartly and urgently. One wrong investment move can drain away all your money and leave you broke. You’re lucky if you’re left with a source of income but if you happen to lose your job or have your contract expire at the same time, then you’re in deep trouble.
In order to avoid any of this, we’ve written some investment tips that you can use. Although we direct this towards OFWs or balikbayans, these are basically the same investment principles that guide those who are working in the Philippines. There are only very slight differences to fit your special circumstance and situations. If you’re interested in fulfilling your dream of gaining riches and providing for your family, then continue reading!
Learn Everything About InvestmentsKnowledge is going to be your best weapon when it comes to investing your money. You need to learn about the many investment options available to you and the techniques that can increase your chances of success.
You can do this in a lot of ways but the best one is definitely through using the internet. Books are also a good way to learn about investments in general but the cost may get too high, so make sure to buy books that you’re going to read. There’s also the option of attending seminars but only do so if your time and budget permit it; if not don’t force yourself to go. However you plan to do it, what’s important is you educate yourself before you spend any of your hard-earned money.
Ensure the Legality of the InvestmentAfter you’ve gained enough knowledge about the different investment options, you’re going to have to choose the one that you think is going to benefit you most. This is probably the most crucial part of investing and you need to get it absolutely right. By this, we mean for you to have to pick a legal business or investment deal. You may think this sounds easy but it’s actually a lot harder than it should be. Balikbayans are usually the target of investment scams and you can easily fall into this trap.
One way you can avoid this is by checking the site of the Commission of Filipinos Oversea and read up on the latest news on investment and business deals. You should also keep in mind that there’s no such thing as a high-return investment in a short period of time.
There’s definitely a lot more ways to avoid investment scams and you should do your best to practice them all so as to not waste away all your money.
Pay Off Your Remittances RegularlyMore often than not, it is your loved ones that are going to handle your investment in the Philippines. It is a common practice in the country for family members to take care of all the necessary paperwork and finances while you remain to be the overseer. This is done so that you don’t get stressed with the additional workload but still be able to see how things are progressing.
If you want to make all your lives easier, make sure to pay off your remittances regularly or send money on a schedule. Doing this should allow your loved ones to make the proper payments on time and avoid any penalties.
Send Money Through Safe ChannelsIn line with paying off the necessary expenses for the investment on a regular basis, it is also important that you send your money only through safe and direct channels. You need to find the most secure, cost-effective, and efficient way for you to send your money from where you are straight to your investment or at least to your loved ones.
There are a lot of ways to do this with the most popular one being the use of online banking services. These services are known to be among the safest channels to use. Another is through bank-to-bank transfers which are also safe but can get delayed. There are also remittance channels that you can use but make sure to partner with companies that have long track records and good customer service.