Hey there, this is for all the hardworking Juans out there, dedicating 8 to 12 hours a day, pushing forward on being the solid breadwinner for their family. Fellow Juans, let us talk about financial management! Congratulations on all your perseverance at work (abroad), and now it’s time to put that well-earned income to work for you.
You should save something for yourself! This is a problem of the many Juans working abroad, including myself, guilty of it. It is not wrong to take responsibility and work hard to support your family back home, and provide anything they need, or lending money to someone who is in need back home – a friend, cousin, neighbor or someone who just sent a friend invitation on Facebook that you haven’t seen for a long time. There is nothing wrong with being generous; this is a significant part of our culture, to give to those who are in need. But you don’t have to send all your money back home, keep something for you. Afterall, who knows when the rain will come?
As a Juan who has been working abroad for ten years, I would like to share some options that you can try especially when you have extra penny in your pocket.
Financial Investments
Instead of keeping it in your piggy bank, why don’t you can put your money in the bank to earn interest over the years or put it into stocks, mutual funds or cryptocurrencies. This for me is the most reliable way to invest your money and risky at the same time.
Real Estate Investments
What about investing in properties like houses, columbarium, or lands? Real estate can be a good way to build wealth and generate passive income. Buying apartments or condo units is very attractive for OFWs around the world.
Business Ventures
Run your own business! Now might be the perfect time to set up a small venture like a food cart, tea/coffee shop, or a small karinderya. It’s a chance to be your own boss. It doesn’t need to be big, a simple printing machine can turn into a big printing shop along the way.
Commodities:
Investing in valuable items like gold, silver, or precious jewelry. It is fascinating to know that our Indian friends and colleagues are really into this investment. Smart choice!
Collectibles
If collecting name cards is a rare, I’d be a millionaire now. If you have a passion for art, rare coins, antiques, or vintage items, investing in collectibles can be both enjoyable and potentially profitable.
Educational and Skill Development
Enhancing your future opportunities through education and skill development is a smart investment. Whether it’s learning massage techniques, baking skills, or becoming a chef like Gordon Ramsey, investing in yourself is always rewarding.
Keep in mind that different investments yield different results. Some may provide quick gains, while others might take time to grow. If you seek short-term gains, you might consider riskier investments like cryptocurrencies. On the other hand, if long-term stability is your priority, real estate might be a better fit, albeit with slower returns.
Diversification is the name of the game – spreading your investments across different assets can help you manage potential risks and balance your returns.
You Juan-a know Juan’s portfolio?
Bank- house- lot- columbarium- cryptocurrency- construction business- insurances- gold- name cards- massage course- learning 3D printing. Ang yaman ko ano? But to be honest, I tried a lot and I have lost a lot too. Investing doesn’t come with guarantees, and there may be unexpected twists along the way. Make sure you’re emotionally ready to take on some level of risk, and as what I always tell my friends not to put in more than you can afford to lose. Your investment strategy should align with your financial goals. That’s why talking to a financial advisor and conducting thorough research is really important, especially if you’re unsure about a specific investment.
I’ve read an article that you should have at least 4 months of your salary saved in your bank account incase you loss your job. Having an emergency fund is vital. Life is full of surprises, and having a safety net for unexpected events can provide peace of mind during challenging times.
Any Juan who has a diversified investment portfolio? Let us chat in the comment section.
Hi Juan, thanks for sharing your experiences with us, i learned something new from this blog, and i will definitely be applying it to manage my finances better. Good start and looking forward for more Juanders and blogs
Love this article! Very informative