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Excellent Strategies For Growing a Second Income

The amount that an employee earns from his 9-5 job may not be enough for his family. What other way to help increase his means of living but to either look for another job or to engage in some small business that can be a great opportunity to provide a better future for this family.

According to the National Wages and Productivity Commission of the Department of Labor, an employee working in the National Capital Region receives Php491.00/ day. With that amount, how can a family with three children be able to meet the basic needs of the family? Just thinking of how the amount should be divided among all the children as well as setting some amount to pay for the rent of the house, electricity, water and transportation allowance of the parent in going to the office.

An Employee’s Goal

Not having enough capital to start a business is the primary reason why an employee gets stuck with just a single means of earning. You may have seen from different offices how some employees would sell different kinds of “PX goods”. While some companies may not allow this, still some employees find a way on how they can earn through this small business. They may not need to have a capital, but just the trust by their suppliers where they will only have to sell through consignment. That sure is a good way in helping ‘small time players”.

Another possible means where one can earn more is by selling products through networking. There are legitimate networking businesses in the Philippines which has helped so many people increase their means of living. Not really focusing on making one to be a millionaire but there are products that can be easily sold because of the great benefits that they provide for the user. And we know that through this kind of business, there are multiple means of earning – from having a downline, pairing and direct selling. Just be sure that you engage with legitimate businesses. Prior to joining one, you may need to pay for a price that is equivalent to a starter kit which you can eventually sell. The cost of the joining fee depends on the networking business that you will join.

An OFW’s Opportunity

Being an OFW can have some advantages and disadvantages. But due to lack of finances, the disadvantages are ignored just to be able to help with the family’s needs. The salary that one may have may be 10x more than what is being offered in our country. But along with the high income from abroad are the downfalls for both the OFW and the family left in the Philippines.

OFW’s would not want to be away from their families forever. And instead of just relying on the amount of money that they get every month, they also aspire to earn from another source through business. The common of which is letting their spouses build a “sari-sari store” or a “karinderia”. Any business that deals with food is surely profitable….for as long as there is proper management of the business.

Another opportunity would be investing in real estate. This may take more time before one can be able to start investing with it, but the ROI would definitely be great especially if the chosen location is somewhere in the city. A property’s value may increase between 20-50% in a matter of 5 years (depends on the location). Real estate appreciation is affected by these factors: household finances, economic trends and consumer confidence. Make sure that you check the land title and for encumbrances.

Investing on condominiums has been a trend for some time now. The target market of most real estate investors are the younger crowd which is from 25-35 years old. And it is also a good investment for OFW’s wherein they can earn from having it rented – self-liquidating in a way.

Some investment may involve more money. A careful analysis should be done to determine which kind of investment type best applies to you. An OFW may choose to invest on mutual funds. This type of investment takes away the trouble of having to constantly check on the progress or development or development of the investment through the help of a fund manager. The main job of the fund manager is to help your investment grow without you having to constantly monitor it. Again, make sure that the company where you are investing is a legitimate one.

An investment opportunity can also be in the form of bonds. This type of investment is offered by large corporations and government offices as a means of raising funds by borrowing from the public. They have a fixed maturity date and offer different rates that depend on the length of investment.

Sustaining A Second Income

Investing on either a small or big business requires the same discipline – the will to start with the business, to learn the ins and outs of business, and to create strategies that will ensure profitability.

Anyone can dream to become better and be successful. But why settle to just have those dreams when they can be a reality?

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