Saving can be helpful, but investing even more so.
Being an overseas Filipino worker (or OFW) is very noble and honorable. You are considered a modern-day hero since you are doing a lot of sacrifices for yourself and your family, who only get to see you whenever you’re home in the Philippines. You may sometimes miss important events and occasions like birthdays, graduations, and other milestones.
That’s why it’s important to save and invest your money, because more often than not the long-term goal of OFWs is to be with their loved ones again, whether that’s back in the Philippines or elsewhere abroad.
Saving your money can be helpful, but investing it can grow your money even more, so consider starting an investment. But you may be wondering: Where should your hard-earned money go? Here at WorkAbroad, we’ve rounded up the top three things you should invest in.
Real estate and properties.
Nowadays, the most popular thing to invest in, especially for OFWs, is real estate. The reason for this is because it’s tangible, versus other kinds of investments in this list, which are paper assets. Make sure, however, that you actually invest and not just buy a property, so don’t forget to rent out the property or sell it when its value goes up. Talk to a real estate broker and see what your options are for purchasing property in the Philippines.
Mutual funds and UITFs.
Mutual funds and unit investment trust funds (or UITFs) are pooled investments. You can invest in them for as low as P1,000, and for some banks (like Bank of the Philippine Islands, Security Bank, and Philippine National Bank), you can even apply and open an account online. These are good to invest in because they don’t take up much effort.
While investing in stocks can be risky, they are a tried-and-tested way of investing money. While it also requires more effort on your part, if you know the basics and the proper ways to invest, you can lessen the risks. Many stock brokers even allow OFWs to open an account even if they’re not in the Philippines, because of online trading platforms.