Investing in the stock market has always been perceived generally as “only for the rich” or “only for the intellectuals”. These are false notions. But who’s to be blamed for this?
Most of our college professors who taught business, finance or accounting NEVER taught us (or insisted) that anybody who saves money regularly can actually invest in various financial instruments in the Philippines. We were raised up hearing the line, “Mag-impok sa bangko” (Save money in the bank). We were taught to SAVE but not to INVEST. Don’t tell me that I was absent in classes.
While it was true that stock investing is not part of investment literacy basics, I believe that OFW’s today have to make disciplined steps in improving their financial lives through the Philippine stock market. The risks are high, but the returns are high as well.
How Can OFW’s Invest if They Don’t Have the Knowledge?
Some people and relatives are asking why I am strongly advocating stock market investing for the overseas Filipino workers (OFW’s) when a lot of seasoned investors are even losing money from it.
Come on, let’s not keep everything a secret to our OFW’s anymore. This is the Internet age. The Facebook generation. The YouTube Gangnam-Style era. Almost everything you want to know is online.
OFW’s need to know that there affordable and “discipline-builder” stock market investing platforms applying the cost-averaging strategy that will complement their financial planning and debt eradication programs. And they have to START INVESTING NOW and regularly for their family’s future and their retirement.
Invest a small amount every month (start with P5,000 and at least P1,000 every month) for the next 10 years or so. Buy only the best, solid and long-running companies in the Philippines.
OFW’s Are in Unique and Exciting Financial Sphere
A lot of financial gurus back in the Philippines will definitely criticize me for this. They will say that OFW’s should learn to SAVE UP first, eliminate their DEBTS, then LEARN the basics of investment just like everyone else. Don’t get me wrong, I am not against the personal finance basics. I strongly advocate it.
But Philippine-based gurus should realize that the OFW’s situation is unique as compared to an ordinary Filipino earning back home. Most OFW’s left the country because of lack of earning opportunities to meet their financial needs and are not used to receiving heftier salaries.
Not having enough knowledge as to where they can put their monthly savings to grow more than the interest being given by banks through savings and time deposit accounts, they end up spending those savings on unnecessary wants or worst, becoming victims of unscrupulous scammers.
OFW’s have to be “attracted” to an instrument that will grow by an average of 10% to 15% per year for them to think twice before spending their money like they are ninja warriors. If you know what I mean.
They should be pushed to invest long term in the stock market NOW. Let this be their “Savings”platform WHILE they pay all their debts and learn how to improve their financial conditions so they can achieve their goals.
What Are The Online Stockbrokers in the Philippines?
Personally, I am a loyal partner of COL Financial ever since I started investing in the stock market. I also have accounts in FirstMetroSec and BPI-Trade but I feel more comfortable using COL Financial’s site. They also have very accommodating Helpdesk as compared to the others based on my experience.
To know the other online stockbrokers in the Philippines, please visit our forum site for the List of online stockbrokers
If you are an OFW already investing in the stock market, please comment on this blog so that other OFW’s who are not yet investing may learn from you as well.
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Join the OFW UsapangPiso Facebook Group and Forum to learn how to plan your finances the right way and how to grow your money in various financial instruments and investment vehicles such as stocks, mutual funds, UITF’s, bonds, money market, real estate, and others.
P.S. 1. Bro. Bo Sanchez has appointed me as a coach for our young and new investors at the TrulyRichClub social site. It’s a fun, learning family with the purpose of “helping good people become rich”. I’m inviting you to join the TrulyRichClub too and email me at burngutierrezblog@yahoo.com.ph if you have any questions. Click here to join.
P.S. 2. Are you an OFW or someone who has no chance to attend a business seminar in the Philippines? Here’s an affordable online seminar for you! Learn how to have a mindset of an entrepreneur, come up with a business idea, do market research, write a business plan, raise a startup capital, find the right location for your business, register your business, other ways to own a business by attending this LIVE webinar with Fitz Gerard Villafuerte on September 28, 2013 right in front of your computer screens for only P1,000 or US$25. Check here for registration details.
I am an OFW for the past 11 years. and am so glad to click on the truly rich club site a couple of days ago. it’s a great eye-opener. this blog helps a lot too. i am an active member of those guilty OFW’s that spend extravagantly. after 11 years, my savings and checking accounts are empty before payday (am disciplined not to have a credit card, or else). to date, i have deposited twice to my COL account. my first stocks were bought at the lowest costs this year. my second were a little bit expensive but so far didn’t turned my green portfolio into red. i’ll commit to the SAM of TRC. I appreciate all the help from TRC members and people who writes articles like this. Thanks Bro. This can be life changing and future saving!