The Ber months are here and with them come the air of cheer as well as up-coming extra cash! While our instinct is to put our Christmas, 13th month, 14th month bonuses—and what incentives you have—Into gifts and new products, why not invest your extra income instead? You can start a trust fund, a business, use it to lump-sum settle SME Business loan in the Philippines, and more!
Pay Off Debts
Probably one thing you might overlook is investing in your peace of mind. To start this list, we suggest that you invest in paying off your debts. Every debt that you have is a negative value to your overall asset. Starting your journey toward financial freedom is better done with zero balance instead of negative value because of debt. Also, not only are you debt-free, you also are worry-free from the stress of facing collectors!
Start a Business
Some of us see financial freedom as escaping being an employee and you can! December is a season when a lot of employees resign because of the release of bonuses. Some of these employees invest their money in starting a business. You can start a business with at least P10,000 with something as simple as an online store; but if you use your bonus + get an SME Business loan, you can even open up a store in a high traffic area in the Philippines like a mall or lifestyle center! Your loan will pay itself if you run your business well.
Bank Products & Stock Market
Talk about investing, how about putting your hard earned bonuses into different bank products that grow your money or into stocks. To purchase or invest in bank products, you simply go to your trusted bank and inquire about products such as a savings account, time deposit, Unit Investment Trust Fund or UITF, and more. You can also start investing in the stock market. You can easily start at your bank to since some banks offer mutual fund and insurance investments but there are platforms that let you invest in the stock markets online like COL Financial Group, Inc. that democratize how we invest in the stock markets making it possible for any Filipino to be able to buy shares from them trusted corporations.
Of course, your most important investment should be to yourself. The simplest investments you can make is to invest in some alone time and self-pampering; this could benefit your emotional and mental state if done in moderation (may hurt your wallet if done in excess). If you are investing in yourself for the long haul, put in money to learn new skills, have a budget for yearly medicals exams, enroll in a gym, stop eating junk and start eating whole, healthy food, and minimize or quit bad habits like smoking, drinking, and excessive gambling.
With just one year, we can turn our finances around by dealing with our debts, or getting an SME business loan to start a negosyo in the Philippines but we can also start in long term investments that will pay of 5-10 years down the line like mutual funds, time deposits, and even by simply choosing to live a healthier lifestyle!