Insurance – Page 13 – Rock To Riches

Tips For Kids On Managing the Piggy Bank (Infographic)

We at Angat Pilipinas Coalition are totally dedicated to bringing financial knowledge to all young Filipinos, students and out-of-school alike. We believe that educating the youth about personal finance will prepare themselves to become wise financial decision makers as they grow up.

That is why we are pushing parents and teachers to become more literate in handling their finances so that the kids will witness how they value money and how it is earned.

Parents and teachers are the biggest influencea on the way kids will manage money. However, discussing about personal finance and conducting seminars to them can be really tough. That is why we have been incorporating games, music, technology, and even social media to help them understand personal finance

This infographic from Mint.com is an example of how money should be taught to children of all ages.

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5 Golden Alternatives To Balikbayan Boxes

For the past several days, our Facebook newsfeeds have been flooded with news, rants, complaints, hate posts, and protests against the not-so-new but more vulgar implementation of the Bureau of Customs policy of checking Balikbayan boxes sent by Filipinos from abroad.

You could be one of the millions of OFWs and migrant Filipinos who are really angered by this ridiculous policy of our government.

Some of our kababayans and different organizations even organized a “No Remittance Day” as a protest against this bold and unnecessary move by the Bureau of Customs.

Although this will “hurt” the government a bit, we have no other choice but to remit the money that we have anyway after the “No Remittance Day”.

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(Save and grow your money while you are still an OFW!!! CLICK here!)

Here are the 5 effective and meaningful alternative ways to send your love back home without compromising your hard-earned money from the crocodiles in our government agencies. No Balikbayan box, no problem.

5 Golden Alternatives To Balikbayan Boxes

1) Send your money to your savings account.

Build an emergency fund for you and your loved ones back home.

If you are breadwinner, you should think about the possibility of losing your job and eventually losing your source of income. How will you support yourself if you don’t have an emergency cash available for you and your loved ones when this happens?

If someone gets sick and eventually the need to spend for significant medical expenses becomes inevitable, you or your family members back home can use this emergency fund.

You can also use this cash in case a typhoon or flood ravages your home or your car and therefore will need some repairs.

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2) Purchase an insurance product for yourself and your family members.

You are working abroad most likely because you have loved ones who need your financial support. You wouldn’t sacrifice the physical and emotional distance just for your own desires. You love your family, that’s for sure.

But what if you die today? Or you lose both your arms and legs? How will your loved ones survive if they do not have the financial capacity because you are their only hope?

Getting a life insurance or a health insurance are two VERY necessary items to be included in your bucket list as a breadwinner.

You will never regret purchasing one today.

AXA Philippines launched the very first online insurance store, the AXA iON, so that OFWs like you can purchase the necessary insurance product for your and your family’s protection.

3) Open a stock trading or pooled fund account.

It is understandable that you want to shower your loved ones with goods and gifts that they do not get to have often and seldom experience back home. That’s why we send Balikbayan boxes as a way of saying how we love them despite being away from them.

However, preparing for your golden years while you are working abroad should also be on top of your priorities. If you don’t plan and prepare for it, who else will?

The same thing is true for your spouse, if you are a married OFW. You should be helping your better half in investing for her retirement years.

Letting your children know that you don’t want to be a burden to them when you grow old by investing for it as early as now is one of the greatest “Balikbayan boxes” you could ever give.

You can determine here how much you need to invest to have a happy and a comfortable retirement.

Two of the best instruments to address your needs during your golden years are mutual funds and stocks. Read up the articles through the links provided to learn more how to invest in them.

4) Send groceries, medicine, health cards, to your loved ones via BeamAndGo.

With BeamAndGo, no matter where you are in the world, you can purchase gift certificates that will be sent to the mobile phone of your loved ones back home.

These digital gift certificates will enable you to buy food, groceries, medicine, health care, insurance, education, and other essentials for your family in a way that is affordable, convenient, transparent, and sustainable.

Your loved ones can immediately redeem these digital certificates at any of the participating stores under their network. There is no need to wait on long lines nor handle paper coupons.

So why need a Balikbayan box when you can just do it the BeamAndGo way?

5) Sell your stuff and old but still useable items online.

Instead of sending back home your old DVD player, television, kitchen appliances, furniture, clothes, and many other things inside your closets and drawers inside your apartment abroad, why don’t you sell them via the classified ads websites in your country of work?

You may also auction them on eBay, OLX, expatriates.com, and other similar websites.

You can also sell them to your neighbors and workmates who might be needing the things that you consider sending back to the Philippines.

You can save the money you earned from selling those stuff and bring it home yourself in your next vacation. Or if you really can’t wait, then use the money to do numbers 1 to 4 that I mentioned above.

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The Economy Is Booming: 5 Places Where You Should Put Your Money

You’ve probably heard the news: The Philippines has one of the most vibrant economies in the world, rising faster than any other country in Asia next to China. We are no longer “the sick man of Asia,” but “Asia’s rising tiger.”

Unfortunately, it’s hard to feel these economic gains if your money is simply lying in your piggy bank or savings account. While it makes sense to save for the rainy days, majority of personal finance experts would also advise you to allocate a portion of these savings into promising investments. These have the potential to double or even triple your capital in the long run.

Take a look at the following investment vehicles and see what best fits you:

Bonds

If you want your money to earn interest, you can invest in credit instruments like bonds. Essentially, bonds are contracts in which an investor lends money to a borrower, like the government or a corporation. The borrower then agrees to pay interest at a fixed amount.

These investments are good for those who want security and have low risk tolerance. If your financial goal is to protect your capital, then bonds certainly fare better than stocks. But since it has minimal risks, expect the returns to also be minimal and incomparable with what you might possibly get from equities.

*Here’s a FREE 23-page step-by-step guide on how to make money selling e-books including which topics to write.

Mutual funds

Mutual funds are basically pooled funds from various investors managed by professional fund managers. When you pool your money with other investors, you create a bigger capital that can be invested in various instruments like bonds, stocks, and foreign exchange.

One of the biggest advantages of mutual funds is diversification, which lowers your exposure to risks. If one investment fails, you don’t lose all your capital because it is invested in other channels. You can earn from mutual funds through asset appreciation, interest, and dividends. Choosing the type of mutual fund—fixed income, money market, equity, or balanced—depends on your financial goals and risk profile.

Stocks

Buying a stock from a company means you become part owner of that company. Many financial experts would tell you that now is the best time to invest in the local stock market, since the Philippine Stock Exchange has been outperforming even some of the biggest markets around the world. Investing in the stock market gives you high returns, especially over the long term.

However, it is also highly risky, as you could lose a significant amount of your capital if you don’t have a strategy in place. Though the basic principle is to buy shares at a low price and sell them at a high price, you need to study the market first and keep yourself updated on the companies that you’re investing in to make sure that you maximize your earnings.

Businesses

Putting up a sound and profitable business is also a great way to make your hard-earned money work for you. All you need is capital and a good business idea that responds to the needs of your target consumers. You also need to have the right attitude towards business, and that includes a lot of patience, optimism, and guts.

If you’re not too confident that you can start a business, maybe you should consider franchising. This is advisable to startup entrepreneurs who have yet to gain business management experience. This way, you can take advantage of a brand’s popularity and strength to make your venture profitable.

Financial education

Finally, investing in your own financial education is your most valuable asset when it comes to building wealth. That means grabbing every learning opportunity that comes your way. You won’t be able to successfully invest in bonds, stocks, businesses, and mutual funds if you have no idea what you’re doing. Warren Buffett is even said to allot 80 percent of his working day to reading and learning and 20 percent to actual investing.

These days, there are no excuses for lack of knowledge. You have the whole Internet at your disposal, and a simple Google search on the basics of investing will yield thousands of results. You can also use free apps like Born2Invest to get your daily fix of business and finance news that will help you make the right investment choices.

There are also countless financial seminars that you can attend to expand your knowledge base and network with like-minded people. Take full advantage of the booming Philippine economy through investing in it. Consider the amount of money you have, your financial goals, and your risk aversion to help you choose the investment vehicle that’s right for you.

**This is a guest post from Born2Invest.

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