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How Seafarers Can Invest Their Hard-Earned Savings

The life of a seafarer involves working relentlessly on an international vessel many miles away from home. However, seafarers also dream of returning home to be with their loved ones for good.

When this happens, seafarers need to discover ways and means to maintain their upkeep. Luckily, SeamanJobsite is here to guide you with Five Ideas Seafarers Can Invest Their Savings.

1. Sari Sari Store

What's great about a sari-sari store is that it requires minimal investment with low overhead costs. Even family members can easily take turns manning the store. However, it is important to remember that when starting this kind of business, the store must be located at a prime spot with a lot of foot traffic or office buildings.

2. Franchising

Franchises are a great way to start a family run business. Kids can eventually learn how to operate the branch from their parents. The advantage is that franchisors teach their franchisees everything they need to know on how to run the particular franchise.

3. Online Selling

E-commerce is booming. Nowadays, several websites like Shopify, mobile apps and even Facebook offer methods on how to easily open an online shop. Through an online store, you can sell anything from fashion apparel and accessories, to electronics and even furniture. As long as you have good internet connection, displaying pictures, marketing the products online and interacting with the customer can be done anywhere.

4. Real Estate

For years, a house and lot, and even condominiums, have been one of the few investments that do not rot away, and in due time increase in value. Real Estate can also be a great business venture. Seafarers have access to a huge customer base of fellow seamen who are looking for real estate to invest in back home in the Philippines.

5. Safely Invest in Mutual Funds

Mutual funds and unit investment trust funds, (UITFs), are safe investment options that require little to no effort on your part. You can get started with a mutual fund or UITF for as little as Php5,000.00 and enjoy a higher interest rate compared to solely investing your money in the bank. Mutual funds and UITFs are great investments for seafarers because they are managed by a financial professional, allowing you to focus on other business ventures to generate some passive income.

In conclusion, these are but a few of the many businesses and investment ideas that seafarers can do legitimately in the Philippines. Investments are indeed an opportunity for financial independence seafarers shouldn’t miss out on.

Sign up on SeamanJobsite now and get access to the latest articles and tips to help you manage your maritime career.

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