I will provide a list below about the Top 8 Investments Overseas Filipino Workers Must Have While Working Abroad. Investments are arranged in order of ranking from most important to least important.
1. House and Lot
- Nothing feels better than being home. So knowing that you have your own quiet and safe place after a long contract abroad, makes you feel at ease.
- Government supports family housing programs to its citizen as well. Thus, monthly amortization that will suit your budget.
2. Bank Account
- Nothing can go wrong with your money when you saved it in a trusted bank. I specified trusted bank because rural banks might be available within your area.
- You can also consider investment plans, such as time deposits and bonds, offered by banks. This will give you a much higher interest than maintaining an ordinary bank account.
3. Land or Condominium
- Location is the most important thing you need to consider when you buy land or condominium. The land or condominium must have an easy access to public places such as fire department, hospitals, malls, schools, police station, etc. The area must also be free natural disasters like earthquake and flood.
- Acquiring good land means better appraisal which leads to future mark up if the property is intended for sale.
- Land or condominium can also be leased to others in exchange of monthly rental income.
- High end jewelry like gold can still be a good investment. You can use it or mortgage it in case of emergency.
5. Variable Life Insurance
- Companies started to offer variable life insurance that can be payable monthly, quarterly, bi-yearly or yearly. This is a permanent life insurance policy with an investment component. VUL has cash surrender value. The longer you let your money stay as an investment, the bigger the CSV.
6. Mutual Fund
- A kind of investment funded by the money collected from all investors for financial securities such as bonds, money market instruments, stocks, etc.
- Big and stable companies allow public to get partial ownership of their corporation by issuing shares of stock. As a result, stockholders will received dividends either in cash or in kind (additional shares of stock).
- Why do you need to buy a car if you’re not always at home? Who’s gonna use it while you’re away? Or is it really important for your family to have one? These are the questions you need to answer before buying a car. In case you think that your family needs to have one, at least buy the cheapest one. Have in mind that you don’t have any control on how they gonna use your car. So better save your money and wait until you come back, then you can finally invest in your dream car.
*** After learning all The Effective Ways on Handling Your Finances While Working Abroad, you are now ready to take off by following all the possible Investments Overseas Filipino Workers Must Have While Working Abroad. ***