How to make more money from your hard-earned savings as an OFW
MANILA, Philippines — It's been said many times and it still remains true to this day: every OFW is a hero.
As an OFW, you've made great sacrifices to provide and care for those back home. And thanks to your diligence and hard work, the country's economy continues to grow strong.
After years of saving and working hard, now is the time to make your money work harder for you. Whether you're here or abroad, here are five tried and tested ways to make the most of your hard-earned savings.
1. Start your own business
The key to enjoying and sustaining the lifestyle you (and your family) have now is by generating passive income. Open up cash flows and grow your money with minimal effort.
One of the best ways to earn passive income is to establish your own business. Whether it's putting up a simple "sari-sari" store or growing your hobby into a full-fledged profitable business, choose wisely. Consider a business that you're either skilled in or passionate about, and which works within your financial budget. Contrary to belief, you don't need a large capital. However, what is needed is a sound business plan. Consult with financial planners or seek advice from other entrepreneurs to better form your long-term business plan.
2. Consider franchising
If you're set on starting your own business but are unsure of what type you'd like to go into, consider investing in a franchise. Many successful franchise companies have developed and perfected their business models, and are able to replicate profitable results. Also, many offer operational assistance so you're sure to be guided, from start to end.
3. Start an online business
An online business or e-commerce site can work with a smaller capital and lower overhead expenses. You can start with this before setting up an actual business or franchise, which need more time and resources.
Buy and sell goods online; and market your products and services for free on social media platforms. You can start small and establish it as a side business.
4. Invest in real estate
Real estate in the country is booming. And it's not only in Metro Manila but across the country in major metropolitan cities. Start investing in property now as the value of real estate is predicted to grow exponentially in the following years.
For passive income, you can lease out your commercial spaces or have your condo or vacation houses rented out for assured monthly cash flow.
5. Invest in stocks or mutual funds
Stocks are one of the preferred ways to invest hard-earned savings as they provide the highest potential returns. You can either trade in the stock market through convenient online platforms, or through banks that offer such services. The bank's portfolio managers will take care of choosing and investing in the most profitable stocks.
While each option carries with it some risks, these can be minimized by understanding factors and developing a sound plan. Consult financial planners, businessmen and entrepreneurs, and other experts in the field. What is important is that you seek a reliable partner.
MoneyGram becomes this very partner for every OFW and aspiring Filipino entrepreneur as it is the most trusted global provider of innovative money transfer and payment services. It has served OFWs by offering a fast and efficient means to manage their finances, transfer their money, and pay for bills even when abroad. Whether online, or through a mobile device, at a kiosk or in a local store, MoneyGram connects consumers in the most convenient ways possible.
True to its commitment to OFWs, MoneyGram honored 10 enterprising Filipinos at its first MoneyGram Idol Awards in 2017. This year, 12 new, modern day heroes will join the prestigious roster as MoneyGram hosts its second awards night.
"There are over 12 million Filipinos who live and work abroad. At MoneyGram, we believe that their everyday efforts should be recognized and properly awarded. At the end of the day, OFWs are the modern-day heroes who struggle each day to ensure financial stability of their families," Alex Lim, country manager at MoneyGram, told Philstar.com.
"With MoneyGram Idol Awards, we wanted to express our admiration and share the powerful stories of OFWs," Lim added.
And because many OFWs couldn't go home for years, MoneyGram Idol Awards will reward all 12 winners with an all-expense-paid trip to Manila that includes three-day, two-night stay at Solaire Resort & Casino and a special movie and music event, as well as a cash prize worth P30,000!
To join, share your inspiring OFW story at http://moneygram.ph/en/mg-idol-awards. Deadline of submission of entry is on April 15. For more information about MoneyGram and the MoneyGram Idol Awards 2018, visit http://moneygram.ph/en.
About MoneyGram International
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.
