Achieving Financial Independence, Part 2

After knowing your current financial status and deciding to save a specific amount every month, it is important to know where to invest your money. There are several investment opportunities but we need to be aware which ones would be most beneficial for us.

1. Bank savings account which includes time deposit, regular savings account and other accounts which they offer. This is the easiest and mot common way of saving but in the long run, after considering inflation rates, you are actually not growing your money but just putting it somewhere you can save.

2. ¬†Jewelry. This can be an asset but it doesn’t give you liquidity.

3. Properties. You would need a bigger amount to be able to buy a property which can generate income and pay for its expenses.

4. Mutual funds. You can invest in companies like Sunlife or Manulife and they will invest your money for you. There are several plans available which can help you save monthly and generate income at the same time. It is of utmost importance that you learn how mutual funds work before you invest.

5. Stocks. You can invest in the Philippines stock market thru stock borkers or Citisec Online. They have easy investment plans you can start with.

Whichever you choose, it is important to do some research first. Read, ask around and be proactive. Financial independence is achievable, you just need to plan and act on it before it is too late. Do you have any other tips about financial independence?

 

Speak Your Mind

*