It is a sad fact that some overseas Filipino workers (OFWs) who used to earn considerable amount of salary, eventually go home to the country without any money. They’ve provided well for their families, able to afford to luxuries of life while they were employed but they end up penniless, unsure of the future that lies ahead of them.
However, your story doesn’t have to be this way if you will be wise in handling your finances.
One of the most effective ways to avoid this bad situation is to explore investment opportunities. There are, of course, several investment options available for you to choose from. What you pick depends on what you hope to accomplish since they have different return rates and risk levels.
Mutual funds, for instance, is considered as the most basic option. This means investors pool their money together in a fund and then a fund manager invests and manages it. This is highly ideal for beginners in the investment market since you wouldn’t have to do anything other than invest money to a fund since the manager does all the work.
Another investment alternative would be stocks. As a stockholder, you will be able to own a company without having to start or run one. This happens as you buy shares and become part-owner of certain firms. To succeed in this, you have to be financially literate. You have to study the stock market well.
An old saying reminds us that we should never put all of our eggs in one basket. This particularly applies when it comes to investment. Make sure that you have an emergency fund before you invest your finances. You should also be covered by health and life insurance. Also, never borrow money for investment purposes because you may end up having a huge debt that would be hard to repay in case the market crashes.