Philippine Currency- P500
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Filipinos are known as non-savers. If we earn a little money, all we think about is spend it on frivolities like cell phones, laptops, gadgets, and a social life that is far beyond our financial means. I cringe whenever I see people throw away money on the most mundane things. You do not need a top of the line cell phone or laptop to be functional. An ordinary gadget with the basic amenities/features is always an option whenever you think of buying.
Having the most expensive and up-to-date gadgets just to keep up with the Joneses, is a fool-proof way of emptying your pockets. These techie toys go down in value and would be replaced by newer models a year from now. Meantime, what you now buy would be passe and you may be compelled to buy a newer version next year.
It is a never ending cycle, which leaves your pockets running empty. A lifestyle to imitate the others, is another fool-proof way of getting into bankruptcy. I never believe in eating out all the time as a means to live your life. Buying expensive food to be at par with your peers is not going to get you anywhere. When the money runs dry, your peers will not be there to throw you the ropes. You will be on your own to paddle your way out of the quagmire.
They say that the best way to prove your point is to put your money where your mouth is. Hence, I plan to be a small time investor on my own in the next one month. I have seen former students investing in blue chip stocks by keeping a portion of their salaries for investment. This is a good sign, where I get to see kids barely out of college, learning the ropes fast on money handling and stock trading.
At the outset, I believe that putting all your money in a savings account is never a good idea. It will earn you a few pesos, and nothing much by way of asset appreciation. An option would be --- small time investment in mutual funds. You can research about it online before deciding on where to invest. Another option would be to invest in the PSEI or index funds. These investments do not necessarily have to involve large sums; but spreading yourself around, may be the best strategy for your money to grow.
Stock Trading
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If you are not risk averse, you can play around with a few thousand pesos in the stock market. However, you need to study about stock trading since this is the fastest way to lose your shirt. This type of investment is not for the faint hearted. Due to the risk involve, you should only put in the amount that you can afford to lose.
Other ways of being a small time investor in the Philippines, is through the outsourcing business. Most businesses in the United States and Europe outsource their admin, marketing, and accounting functions to professionals in countries like the Philippines, India, and other countries where labor is cheap. This is a good way for Filipinos to earn, as you are paid in dollars, and spend the money in Philippine pesos. With a P43:$1 exchange rate, this option has been always a win-win situation for everyone.
Other small time investment opportunities, are affiliate marketing. This is done by online writers and marketeers to make money by creating blogsites and linking them to Adsense, Amazon, Ebay, Chikita, and other affiliate firms. There are many tools online that can help you create the best blogs that would fly high in cyberspace.
Bottom Line
Creating the best investment mix for yourself, would mean a life that is rewarding and financially fulfilling. This has been a trend for several years now and many are seeing their dreams come true by working at their own pace and time.
Onli in da Pilipins: A Writer's Journal
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Consolacion S. Miravite, CPA
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