As a person who is earning a bit over above minimum wage, growing money passively is one key to accumulate wealth.
As a lot of post over the social media says, you cannot be rich relying on salary alone.
So I have to think of ways to have multiple streams of income while I am working basically for 8 hours.
The post will continue below....
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I am a personal finance advocate for minimum wage earner and I am on my quest to get a hold of Financial Freedom.
They say in able to achieve Financial Freedom one must learn how to make “money work for you”.
By the way, I am currently employed earning a bit over minimum wage but I have been on a couple of jobs before which pays exactly minimum wage plus tax back then, so I know what it is like to live within my means.
I am trying out some investment platform in which fulfils the saying “make your money work for you”, currently I am into PSE Philippine Stock Market.
I am no way endorsing anyone to try out the Stock Market I am just here to tell my own story if I will be profitable in this endeavour or not.
And by the way, the stock market is not the only way to be financially free. It can be anything, maybe business (not a passive income but a good way to accumulate wealth) or what’s more popular nowadays which is Youtube earning money thru advertisement and all other things.
The plan is to accumulate as much as passive income as I can until it is enough to cover my daily expenses and wants.
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Here is the passive income I tried so far.
Pag-ibig MP2 (Saving)
Pagibig MP2 is like a time deposit guaranteed by our government. Keep the money for 5 years or you can choose up to 10 years and it will yield interest rate. To have an idea of how much is the interest rate, last 2017 the interest rate is given is around 7% and 2018 is even better with around 8%.
Another perk about Pagibig MP2 is that it’s tax-free. You can get the whole amount back plus interest without deductions.
Read here on how I applied for Pagibig MP2
However, I kind of stop contributing now to Pagibig MP2 because my goals now have changed. For me, Pagibig MP2 is a little bit slow and my timeline for reaching Financial Freedom will not fit to what Pagibig MP2 is offering.
Pagibig MP2, however, has promising interest rate and totally risk-free. You will not lose your money because it is under our government.
If you like guaranteed earning, no risk at all, MP2 is a good way to grow money passively.
FarmOn (Invest)
One of the blogs I follow, Savings Pinay got me inspired to try out FarmOn.
I invested in 1 plot of rice last June 2018 for the reason besides earning money, it's my childhood dream to own and run a farm. So, despite not having a solid idea how much the interest I would get when the harvest time comes, it doesn’t bother me at all, because this is my chance to help and somehow improve the quality of agriculture here in the Philippines.
Three months after investing, the storm comes in multiple numbers up north and my crops were devastated.
I am a bit sad, but I do not worry because anyone who invests in FarmOn is insured. They will replant the seedlings without added cost.
The only downside is you have to wait for another cropping season which will lengthen your investing time.
Anyway, as I’ve said earlier I am very much happy to support the agriculture here in the Philippines so if I am willing to wait for another cropping season. I pray this will be a good year for them and me too.
PSE Stock Market (Invest)
This is one passive income/ investment I am totally focused on right now.
To be financially free I am saving my salary of up to 50% if I can monthly and invest it on the right stocks.
Stock Market is not a risk-free investment, you have to be hands-on and gather a lot of information about it as much as you can in able to gain yields.
A huge inspiration I have when it comes to trading is Jack Angel. I always talk about her in my blog because despite all the disclaimer I read about the Philippine Stock Market she is a living proof that with enough diligence you can able to get a grasp of how the Stock Market works and actually be profitable in it.
You don’t have to be super intelligent like an engineer or a lawyer or an accountant in able to understand the Stock Market. Jack Angel really defies all the ifs and buts I have before about the Stock Market and I am grateful to try it out.
This investment needs a lot of time at first because of the learning phase but once you are done with learning then you are good to go.
One perk I have with working on a BPO setting is that I don’t usually work 8-5. My work is 5am in the morning and out by 2PM.
My day off is a blessing as well because I have a Monday and Tuesday day off and the market is open by that time. I have ample time to watch the market to test out strategies I made after learning the stock market over Youtube.
The usual yield in the Philippine Stock Market is 20% I believe in a year. Not bad right?
Final Thoughts
My constant strategy is to save and invest my money. It doesn't necessarily to be the stock market alone if you find other investment platforms that you think looks good and safe then go for it.
This is one way for us minimum wage earner achieve financial freedom.
So that is it.
I hope you try out a passive income/ investments that fits you.
Thanks for reading all the way!
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