Here are small steps to make your money grow

Michaela Tangan
PUBLISHED November 9, 2017 01:28 pm
Graphics by Mark Renacido/Inside Manila

(Inside Manila) The old millennials are now entering the “adulting” stage. 


Now that we part of the workforce, we start to make the boldest and bravest decisions, including where to place our hard-earned money.


And no, stocking money in a piggy bank is not an answer. 


We narrowed down ways to make your money grow.


Time deposit and savings account


Putting your money in a savings account and time deposit is better than storing them inside a vault because it will earn a little interest while it is locked inside the bank. 


For time deposit, your cash will earn interest over a fixed time or period, but cannot be withdrawn for a certain duration. 


Savings account is fit for those who are saving for an emergency fund because you can withdraw your money anytime. The remaining cash in your account, meanwhile, will continue to get an interest. 


Real-estate


Millennials are now diving into the idea of being homeowners. But it’s quite tricky.


This is one bold step that requires thorough decision-making for it involves a hefty amount of money, commitment, taxes, and maintenance.


But once you have settled the monetary concerns and sorted out other documents, you can start enjoying your new home. 


For one, your property’s value will appreciate over time. While it is being nurtured, landowners can have the space rented out. 


Online business


The online business trend is real for youngsters. 


There are several platforms readily available online where you can post and share your products such as Facebook.


Starting up an online business usually involves selling what you are really passionate.


The DIY items you have made, pastries you baked, and ready-made products you bought in Divisoria can be sold for a good amount


Invest in quality materials and tools, photographs and artworks can also be sold online!


One of the pros of online business is that you can still manage it will working on your full-time job. 


Stocks


Investing your money on stocks sounds intimidating. But with P5,000 you can get the ball rolling. 


The key to succeeding in this arena is to study and understand the fundamentals before starting. 


If you buy stocks of a public listed company, you somehow become part-owner of the company thus, the money you invested can jive with the company’s growth but it can also slide when the company suffers loss. 


Invest in yourself


In the long run, investing in yourself is always the most clever investment. 


This investment complements all that were listed above. 


If you want to flourish your online DIY business then enhance your photography and artistic skills through taking short courses or seminars related to it.


You can also avail gym membership. While valuing your health, you can blog your journey towards a healthy life and share it on Youtube or your prefered online platform. (In case you didn't know, most bloggers started from the bottom before earning a decent amount of money from their craft.)


Traveling is also an investment if you make it worthwhile and if you play smart. While you take your much-needed break, take photos and sell them and try to sell them online. Again, you can blog about your experience and who knows what doors will open after.

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