If you are an OFW and have been working abroad for a long time in Canada, then it is about time that you start thinking about what to do with your hard-earned money. You have been saving up for years, and now that you have enough savings, it is time to look for OFW investment opportunities that will grow your money and provide you with passive income.
2022’s almost up, but the work never ends. So, with all the work you’ve accomplished this year, have you ever given some thought to what you could do with your hard-earned money? If so, then here are some OFW investment opportunities that may be a good idea for you to take this 2022.
- A Financial Plan for OFW Investment
- 1. Start an Online Business
- 2. Invest in a Franchise
- 3. Start with Forex Trading
- 4. Invest in Mutual Funds and Exchange-Traded Funds (ETFs)
- 5. Invest in Real Estate Properties in the Philippines
- 6. Invest in a High-Yield Savings Account
- Final Thoughts
A Financial Plan for OFW Investment
Before jumping on any OFW investment product or services, you need to have a financial plan. It is important to know what you want, where you want and how much money it will cost you. You may be investing for your retirement or for your children’s education. Or perhaps you are planning to buy a property abroad and start an online business there instead of working as an OFW again.
A financial plan is a document that helps you plan your financial future. It provides a framework for your OFW investment decisions and helps determine how much money you need to save in order to achieve your financial goals. A good financial plan should be reviewed periodically and revised when necessary, such as after major life events like marriage, divorce or birth of a child.
1. Start an Online Business
If you are a person who has an entrepreneurial spirit and you want to make money online, then starting an online business is definitely an option for you. You can easily start a business from home and it can be done part-time or full-time. You can do it while you are traveling abroad (or even in your own country).
You don’t need much capital to start an online business, especially if you’re going to be selling things like ebooks or courses on platforms like Udemy or Teachable. However, if you want to build something more complex like a website where people are buying physical products such as clothing or jewellery then it may require some funding up front before turning into profits later on down the line once your traffic starts growing! It’s all about knowing what kind of site would work best for those needs so there aren’t any surprises later down the road when things don’t go according to plan.
But if you’ve considered the risk and have come up with an actual business plan, setting up an online business can be a great way to earn passive income. It’s definitely something worth considering if you’re looking for ways to make money online. Some online business ideas that have taken off this 2022 include social media marketing, affiliate marketing, drop-shipping, and more. There are tons of ways to monetize an online business, so be sure to do some research on what kind of business model would work best for your needs!
2. Invest in a Franchise
When it comes to OFW investment opportunities, one of the most popular among them is franchising. This is because you don’t have to start your own business, but instead buy a franchise from an existing company that already has a good brand name and reputation. The first thing you should do is research on what kind of franchise would be best suited for you. It could be based on the industry or perhaps even location.
Again, while everything might be readily handed to you on a silver plate, you need to do your homework before you invest in a franchise. Make sure that the company has a good track record and is reputable. Once you’ve found one, then it’s time to negotiate on how much of your OFW investment goes into the business itself and how much will be used for marketing purposes. Also, look into the sustainability of the business. If the company has been around for a while, it’s likely that they will be around for a while. And if you want to get into franchising, then make sure that your brand name is easy to remember and pronounce so that customers can easily find you on the internet.
3. Start with Forex Trading
Forex Trading is one of the best options for OFWs to invest. Why? Because it’s easy to start and can yield a profit in just a few months. Forex has many benefits, such as:
- It’s easy to set up an account with a broker (and they don’t charge any commissions)
- You can trade anytime during the day or night because there are no restrictions on when you can trade
- The risk involved with trading currencies is low compared to other markets such as stocks, commodities, etc., making it easier for beginners who are just starting out in investing
- You can make money even when the market is not moving. You just have to be patient and wait for the right time to trade and take profit from your trades You don’t need much capital to start trading Forex as it only requires $100 – $500
But as enticing as this sounds, you need to be aware of the fact that trading currencies is not as easy as it sounds. It requires a lot of time and effort to make money from it. You need to learn all the basics before jumping into this market, so it might be best if you start with a demo account first until you are comfortable enough to trade with real money. At any rate, finding a mentor or a coach is a must for beginners as you will not only learn all about the ins and outs of currency trading but also have someone to guide you through the rough patches. They’ve been there and done that, so they know what works and what doesn’t. However, this can only benefit you if you trust the person and if they have a good track record. Otherwise, it’s just like taking advice from anyone else on the internet.
4. Invest in Mutual Funds and Exchange-Traded Funds (ETFs)
Mutual funds are a type of OFW investment that pools money from many investors and invests it in stocks, bonds and other assets. On the other hand, ETFs are similar to mutual funds but trade on an exchange like stocks. They’re more tax efficient than mutual funds and can be bought or sold throughout the day.
ETFs are ideal for passive investors or those who don’t have the time or resources to manage their own portfolio. They’re also good for people who want to invest but don’t know where to start.
And just like with FOREX trading, you can buy and sell ETFs 24 hours a day. The only thing to keep in mind is that there’s generally a fee associated with them. So, make sure that you know what you’re getting into before you dive in head-first. This way, no unnecessary costs will eat away at your returns.
5. Invest in Real Estate Properties in the Philippines
Real estate is a good investment because it can serve as a way to diversify your portfolio. You’ll be able to create passive income from rental payments, which is especially important if you’re looking for ways to build up a retirement fund. Plus, real estate has historically been one of the most reliable long-term investments. If you invest in properties in hot markets like Metro Manila or Cebu City, you could see even greater returns on your investment.
However, as with any type of investment, there are risks involved with investing in real estate properties, so make sure you do some research first!
If you’re looking to invest in real estate, make sure that you have a solid plan and don’t go into it blindly. You’ll want to do as much research as possible to know what type of properties are available in your area and whether they’re likely to appreciate over time. If you’re new to investing, consider working with an experienced professional who can help guide you through the process. There are plenty of real estate investment companies that can help you find the right property, manage your rental properties and much more, so don’t just go with the first one that comes along! If you’re looking for real estate investment companies, make sure that you do some research first. You’ll want to check out their reputation online and see what other investors have said about their experience.
6. Invest in a High-Yield Savings Account
If you are a working OFW, you must have a savings account. A savings account is a place for your money that allows interest to be added on top of the original amount in your account. The more money you keep in the bank, the more interest can be added on top of it. This means that even if there isn’t much movement on the stock market or other places where investments are made, there will still be growth in your bank balance because of this feature.
A high-yield savings account is similar to a regular savings account with one major difference: It allows for higher interest rates over time than other types of accounts do. The higher rate means that as time goes on and more money gets deposited into these accounts, they grow faster than with other types of saving methods because they get extra earnings from their investment returns. Consider it a way of growing your money even if you’re not actively investing it. And one of the best things about it is that your money’s not going anywhere, it’s just in a different account than your regular savings account. You can still use it to buy things and pay bills, but it’s just earning more money for you to use in the future.
If you really have a passion to start your own business and earn more, take the risk. Go for it. Make sure to do your due diligence and research before starting a business.
Start small and test the waters first before investing large amounts of money into your new venture. Test out market demand, competition, and other factors that could be detrimental to the success of your endeavor.
You don’t have to understand all of these things right away, but the sooner you do, the better! You can learn as you go along and make adjustments as necessary. It’s important to get started on this journey while you’re young so that by the time you hit retirement age, you’ve already secured your financial future! And there’s no one else you’d owe it to than yourself, who made this possible. It’s a great feeling to be able to look back on your life and know that you didn’t waste any time or energy on something that wasn’t worth it.
Do not be afraid of failure because failure is not final; it’s simply an event that leads us toward success – sometimes in unexpected ways! If you fail, try again! The only way to succeed is by taking risks and learning from our mistakes when we fail or fall short of what we wanted in our pursuit of success or perfectionism if not achieved within certain time frames (i.e., deadlines).
You should not be intimidated by the risk of investing your hard-earned money. And though there has been some economic turbulence happening all over the world, your investment is not intended to address the here and now, but for the long term. Your OFW investment is supposed to provide you with financial security, freedom and independence so that you can enjoy your life without worrying about money.
And if that’s something that doesn’t get you excited about, we don’t know what will. That being said, invest now and reap the benefits later (or much sooner). As they say, the best time to invest was yesterday, but the second best time is today. We hope that you learned a thing or two from this article and that you take the opportunity to invest in yourself. You deserve it!