These days, managing your finances is becoming tougher than ever! With the increase in the price of commodities, what can you buy with your 20,000?
Did you know that with proper budgeting, you can invest that P20,000 and increase its value over time. This will result to your overall financial security growth.
Here are the 8 investment options which will lead to your success.
- Secure an Emergency Fund
Savings or time deposit is a sure way to avoid financial stress in the future. Remember to put more money instead of taking more from your savings. By doing so, you can save yourself from being heavily debt. Putting P20,000 in your emergency savings fund is a wise thing to do.
- Unit Investment Trust Funds
Unit Investment Trust Funds (UITFs) are pooled investments similar to mutual funds. You can invest for as little as P20,000 and you will have a fund manager to manage your money. In time of financial emergencies, you can easily withdraw your money.
- Mutual Funds
Mutual Funds are somehow similar to Trust Funds since they both have fund managers which will help you make money-related decisions and strategies. If you see yourself as risk takers, you can try to invest your money in bond funds, equity funds and balanced funds as these investments offer fixed income securities.
- Health Insurance Policy
Health is your best investment. Therefore, you need to invest in to acquire a health insurance policy so you can have something to depend on during tough times. In case you are employed, your company will shoulder the cost yet for self-employed individuals, you will have to pay it yourself.
- Start A Business
Starting small with business does not mean it will remain that way forever. Some business tycoons started it small yet with proper budgeting and a bit of luck, they were able to succeed. With your P20,000, you can start with a small convenience store or a barbecue/banana cue stand in the corner. Some favorite Filipino snacks such as cheeseburger, siomai, siopao and fried chicken offers a great opportunity. Sooner or later, the money you invested will go a long way.
- Learn Something New
There are free business courses offered by government organizations such as TESDA which will teach you some entrepreneurial skills. Sign up online if you are too busy to go out.
- Retirement Plan
Even with an early age, it is better to start thinking of your retirement. Plan your retirement as early as now. It’s good to think that during your golden days, you won’t need to think about money problems
- Invest in Yourself
Finally, the most important thing among all is the investment that you can do to yourself. Enjoy life to the fullest. Grow personally, professionally and spiritually. Invest with things that will empower your overall being.
Source : iMoney