Tuesday, November 25, 2008

10 Smart Ways to Manage Your Money

Kudos to "Ang Pinaka" for coming up with this timely info for all the Filipinos. Even I myself learned from watching their last Sunday episode and I want to share it with you all and hopefully you can find it useful as well.

#10 Invest in jewels, antiques, arts, etc.
-> I dont' have expensive jewelries or arts to be honest. The only thing that is expensive that I'm wearing is our wedding band

#9 Invest in Pre-need Plans
-> I have one plan left. Originally, I have 2 plans but I decided to let go of the other one and have a refund instead. I'll probably get another one in the future when hubby finds a stable job.

#8 Invest in foreign currencies
-> No need to explain. It's self-explanatory

#7 Be an Entrepreneur
-> A lot of people are into this. Proof is the various online shops in multiply where I usually bought items for personal and as gifts. Even students are business minded nowadays.

#6 Invest in Real Estate
-> This is my ultimate dream... having our own house and lot. The value of a real estate keeps on getting higher as years passed so you have the option to sell it in the future in case you decided to migrate on other countries. The problem is it's tough to sell real estates esp with the economic crisis nowadays

#5 Invest in Stock Market
-> I'm planning to invest soon. Today, most of the stocks are in it's cheap rates but the risk is you'll never know if they will go up or continue to go down.

#4 Invest in Bonds
-> I don't have much info about this though I heard of it before. I forgot how they explain it on TV

#3 Bank Deposits (Savings, Time Deposits, etc)
-> Naturally, this is for keeping your money safe for the time being while you're not using it. That's why banks don't offer high interest for saving accounts. It's sole purpose is for you to save money and used it in the future.

#2 Mutual Funds
-> I heard about this last year. W@Wies are talking about this stuff and planning to attend a seminar. I was not able to attend though and I forgot how this one works but I'm interested to engage in this kind of investment too

#1 Debt Reduction
-> Which is the very first thing that we should all do before investing. As much as possible try to lessen the debts from loans, credit cards, etc. Otherwise you will surely loose control in your finances. And I'm starting to do little by little. My goal next year is to get rid one credit card
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