Increasing your wealth is quite a tough task, especially because of the circumstances among middle-class Filipinos who don't have the privilege or patience to build their wealth and would rather focus on their family's needs instead of their own. Not to mention that the vast majority of the spending public also isn't financially literate, shelling out more than they should be saving or using for investments.
In an opportunity-deprived country, it's no surprise why many people fall victim to get-rich-quick schemes: pyramiding, Ponzi schemes, and investment scams like crypto asset-related scams. Thankfully, you don't have to go down that route. Below are tips for you to use and grow your money to your advantage.
Wait For The Best Job Opportunity
Starry-eyed fresh graduates often make the mistake of taking what they can get in terms of job offers. But you can avoid falling into that trap; if you have the choice to wait it out a few months, then do so in order to thoroughly choose among many job offers and opportunities.
Ask your peers and colleagues about their work setups: load per week, time flexibility, work culture, and the like. If they're comfortable with it, you can also ask their basic pay for their position at work, or at least the pay range. Check out websites like Glassdoor to see the average pay for your position.
For all you know, you might be getting an offer that severely underappreciates your talent and credentials. Don't be afraid to negotiate your salary and bump it up as high as you can too. Be on the lookout for jobs by joining social media groups or websites like LinkedIn or Kalibrr where you can apply for legitimate companies.
Make sure that your CV or résumé is fattened with awards and achievements, and tailor-fit for the position you're eyeing. This way, you're more likely to get the job offer that suits your work ethic and pays you well too.
Get Into Some Side Hustles
By the time you graduate, whatever you've learned is probably obsolete already. Don't be afraid to broaden your skillset and land some side hustles while you're at it.
From things as simple as VLOOKUP in excel or arranging Zoom meetings all the way up to learning programs and software like Python, HubSpot CRM, or Figma, don't be afraid to step outside of your comfort zone and learn something new that you can use for a job on the side.
If you're looking for part-time jobs, it's good to filter your potential employers. Check if their emails are from legitimate companies (format should be firstname.lastname@example.org). If it's just a Gmail account, be more on guard and don't start any work until you have a duly signed contract.
But most importantly, manage your time well so you don't get burned out juggling a full time job and a side hustle (or a few) at the same time.
Save Up and Budget Well
Most of us fill our online carts in our Lazada and Shopee apps come the 15th and 30th (or on the 10th and 25th) and splurge to the nines. While it's nice to enjoy the fruits of your labor, it won't be so fun years down the line when you see your coworkers and former batchmates so financially stable and secure while you're still struggling to make ends meet.
As early as now, it's good to save up for your future. Unlike what most people believe, it's actually better to prioritize your savings first than other payables. The moment you get your hands on your monthly pay, control yourself from overspending on gadgets or trinkets online. Most importantly, don't go into debt just to buy the latest iPhone or a brand new car; this sets you up for future financial struggles.
Start An Online Business
If you feel like a 9-to-5 day job doesn't quite cut it when it comes to earnings or work satisfaction, then perhaps it's time to venture into e-commerce. Aside from being a safer choice than non-essential brick-and-mortar businesses, online businesses can also be managed more easily with the right strategies.
You can use targeted ads and community engagement for brand awareness. Word-of-mouth works too: tell all your friends, relatives, classmates, and coworkers about your online business. Don't think of your business flopping and be optimistic. A business that would take 2 to 5 years to take off is more worth it compared to 20 or so years of being stuck in underpaying day jobs.
Invest In The Stock Market/Mutual Funds
While seemingly tricky to get into especially for beginners, investing in the stock market or in mutual funds are actually excellent ways to grow your money. Stock market investments are basically having your shares of public companies. For instance, when you buy Jollibee [JFC] stocks, you own part of it. If the value of Jollibee in the stock market goes up or down, your investment also follows.
But before you can invest, you'll need a brokerage firm like COL Financial Group, BPI Trade, or BDO Securities to be the bridge between you and your companies of choice. Meanwhile, if you're looking for the wisest companies to invest in, go for blue chip companies like Ayala Corporation [AC] or SM Prime Holdings, Inc. [SMPH].
Likewise, mutual funds are pooled funds where a group of investors can input as much money as they can and have a certified investment solicitor recommend where to place their money according to current market status and world affairs (e.g. equity funds, index funds, or money market funds). For more information on this, watch this video.
Partake In Things That Give You Passive Income
If you've saved up quite a lot over the years (or if you have the privilege of having a significant amount of money passed down to you), then you can get passive income through that.
Purchase a condominium unit or have an apartment built that you can rent out to young professionals. You can also buy or have a commercial building constructed so that you can lease the units for small businesses. These are guaranteed monthly incomes that you won't need a lot of effort for.
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How Would You Grow Your Wealth?
Aside from what were mentioned, there are so many more ways to grow your wealth, and some of which are cryptocurrency investments and day trading, which are among the options for those with higher risk appetites. If you're a conservative investor or someone who only has enough financial capital right now, it's best to shell out the amount of money you can only afford to lose.
Above all, do some thorough research and learn the tricks of the trade first before getting into anything. Remember to always be one step ahead and strive to be smarter with money while you're at it.