Passive income and Investing for pinoy expat nurses 2022
Saving and investing is a long-term process.
As an ex-pat nurse, salary day for most people is a time of agony. Agonizing over wants and needs is a real and present dilemma we can never get used to. Life plans can never have come so fast, obligations knocking over our door, bills filling the mailbox, you get the idea.
If your goal is to spend three to five years working abroad, then you got to move fast and prioritize your goals, and set aside wants over needs. After all, the pandemic and inflation will not wait for our tired sorry ass to get us where we want to be in life.
If you are the conservative type. Chances are, you are putting your money directly in your savings account which can never give more than 0.40% of interest per annum. This means that your money will not grow over the years and inflation sets in far faster than you can anticipate and the spending power of your money will decrease over time.
If you are the type that can tolerate a little risk. Then chances are, you can reap far more rewards than your average savings account.
Check out these tried and tested methods for generating a much-needed boost for your money over time.
1. Investing Apps
Gone are the old ways of the cumbersome process of investing your money into stocks or mutual funds. These investment platforms can get your money more returns over time. Nowadays, as simple as downloading an app can get you started right away. Check out this guide on how you can invest in multiple local and international funds through a simple app. Check out coins.ph and Ginvest by Globe Gcash.
- Pros: High yield
- Cons: High risk. Market dependent
2. MP2 (Modified Pag-IBIG 2) Savings
If you are an ex-pat, chances are, you are enrolled in the pag-ibig program before you left the country. The MP2 Savings is a special savings facility with a 5-year maturity, designed for Pag-IBIG Fund members who wish to save more and earn even higher dividends, in addition to their Pag-IBIG Regular Savings. The program is also open to pensioners and retirees who were former Pag-IBIG Fund members.
- Pros: High yield dividends, Government-owned
- Cons: Lock-in period of 5 years
3. Insurance policy with investments
Nowadays. Insurance policies have come a long way. They not only offer life insurance and health policies but also investing some of the difference in mutual funds. The majority of the insurance companies in the Philippines are offering products that offer versatile investment schemes.
- Pros: Life and health insurance with investments on stock portfolios
- Cons: Lock in policy Maturity
Nowadays. Being financially literate can make a difference in our ever-changing society. Retiring with peace of mind or retiring and then working because you were not able to plan ahead.