After all these years I've realize that you should never get yourself into a situation without doing a lot of research. Recently, I had a bad experience at a Cooperative in Cebu and made the mistake of investing even before doing proper research. Keep in mind that banks, cooperatives, insurance companies, etc. they all tell you what you want to hear. They offer a lot of promises and you start hoping that indeed after 10 years of setting aside a monthly contribution you'll finally experience financial freedom. The problem here is when it's time to claim or withdraw your investment, you'll need to wait for an approval or decision from these companies and some, to my dismay, take a long time and even treat you with no respect as a client.
Don't be easily swayed by companies that promise you huge return on your investments. It's important to check their credibility and their treatment to clients. It's better to invest your money on a company that promises little return but has a good track record of customer service than a company that offers huge return but gives you a hard time getting your investment back. I've read somewhere that if you can't risk losing your money, it's better to invest it on a bank or company where it's easy to withdraw your money when necessary.
In my previous article, I've mentioned that there is no shortcut to attaining financial freedom, that one must know how to save their money at every opportunity to achieve this. If you have money that you can set aside for investment, there are several ways to put it into good use. You can open up a small business rather than investing it on a company or bank is one example. Be creative and optimistic when you decide to do so. Banks only offer little interest but if your savings increase, you will also benefit from the compounding interest applied to your deposit after several years.
No comments:
Post a Comment