Your income as a Filipino seafarer comes with the opportunity to make it reach further. As you build up your savings, consider placing your income in investments that can continue earning for you even if you take a break or when you retire from work.
Which investments would be a good fit for you? Whether you’re starting out or preparing for life after years at sea, here are 5 investment instruments that will help you achieve financial success and independence.
1 Real Estate. Investing in real estate can go beyond having your own house. A real estate investment can mean buying land where a rental house, apartment, or commercial building can be built. It can also mean turning them into agricultural farms. Real estate is a tangible asset. Its value increases over time, in case you would like to sell the property in the future. If you’re looking for regular monthly payments, on the other hand, you can turn them into rental properties.
2 Mutual Bonds and Unit Investment Trust Funds (UITF). Mutual funds and UITFs are easy to understand and allow you to start small. Simply put, it's like buying portions of stocks bought from different companies. You can invest as low as Php5,000—and can earn dividends steadily if you continue adding to your invested amount. Mutual funds and UITFs are managed by professional fund managers, who can also guide you in diversifying your portfolio.
3 Stock Market and Bonds. Investing in the stock market means acquiring shares and owning part of a company. Bonds are financial instruments used by large companies and the government as a way of raising funds by borrowing from the public. Like mutual funds and UITFs, you can start investing in stocks and bonds with as little as Php5,000, and have your investment managed by a stockbroker or your bank. The more stocks you buy, the more shares and participation you will get.
4 Business. Investing in a business is another way of maximizing your income. You can open your own retail store or acquire a franchise from an established brand. Starting a business requires careful study, getting to know your market, and innovating your products and strategies to stay ahead. Be prepared to learn as much as you can. Make sure there is someone trustworthy who can run the business for you back home.
5 Health and life insurance. Your best investment, ultimately, is you. Your health and safety are important so you can continue working, and you need a health and life insurance plan. The most important aspect of insurance is protection: protecting your loved ones from the financial burden of a health-related emergency and protecting their future by giving them the financial means to fund their own goals.
Source: www.bpi-aia.com.ph