When people hear about investment, the first thing that comes to mind is business. While a business can be a form of investment, there are also other means of securing your money for future needs.
You shouldn’t always aspire to have the latest gadgets or car. You also need to be prepared when the need arises.
Here are a few ways on how you can also be more secure about your future.
1. Build a Sustainable Business
When you start your own business, you should envision it to last beyond 1 or 5 years. You should not go into business on a whim or just to test an idea and then give up later on. A great business is something that can withstand time and maintain the quality of products and services that generations can enjoy.
2. Invest in Real Estate
Some OFWs prefer this investment as they want to come back home and have their own homes. Some even build their own businesses by putting up apartments while others buy properties and then sell them for profit after some time.
3. Buy Life Insurance
Choose a life insurance company that has a great track record. While some life insurance companies have failed, a few trusted ones continue to thrive. Life insurance can help you and your family in times of need.
4. Save for Health Care
All of us will need this at one point in our lives. While we try to be as healthy as possible, we never know if illness will strike or an accident will happen to us or a member of the family.
5. Save for Miscellaneous expenses
We should always be prepared for expenses like house repairs and replacing old appliances.
6. Buy Stocks
Investing in stocks can also be helpful. But you should also fully understand how this works and only invest in reputable companies.
Knowing how to use your money will give you a peace of mind.
The focus should not be merely on wanting to possess things in the future but more importantly, knowing that you have something that you can use for the immediate needs of your family.
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(Armando Bartolome is known as the Philippines’ Franchise Guru, a mentor to numerous micro entrepreneurs who are now themselves big names in the industry. This article is reposted with the author’s permission and was previously published on The Business Mentor column posted by ABSCBN News. For questions and more information, you may contact Armando “Butz” Bartolome by email: email@example.com or on Twitter @philfranguru. His website is https://www.gmbmsglobal.com/ )