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Let’s imagine for a moment that a cool million pesos just landed on your lap. What are you going to do with it? Buy that car you’ve been eyeing for the longest time? Make a down payment on your dream condo unit? Or perhaps dig a hole in the ground in your backyard to hide all that cash? This opportunity does not come very often for many, so make your choice wisely.
by Marella Castro, 10 August 2017
“It’s just a million pesos,” they said. “It doesn’t amount to much nowadays,” they said. Naysayers can say what they want, but the fact remains that a million pesos is still a million pesos, especially since it does not come all easily for many people. Most likely, those claiming to be too cool for a million wouldn’t even know the first thing to do, if an amount as big as that were to fall right into their laps.
In the event that you end up with that much money, keep calm and know how to handle it so that you can grow it into another million, or even more, in a few years’ time.
The first thing to do is to determine exactly how much of that one million is going to be for pure investment purposes. If it’s “extra cash” in the most absolute sense for you, then well and good because you have the entire amount to grow. If, however, you have debts to clear and obligations to meet that your regular income or savings could not simply cover, then that should be the place to start. Sure, it’s going to be a big chunk out of the million bucks, but come on! If you have the money, which gives you the opportunity to be completely debt-free, or at least significantly scale down your debts, take it. In many respects, it’s a smart move that’s going to complement your savings and investment plans later on because there will be no more obligations to bog you down.
There are many kinds of investment opportunities that you can look into whether you have a full million pesos to spare, or several hundred thousand pesos. The most basic you can do is to open a savings account with it. If you want to make sure you don’t chip away at it through withdrawals little by little, then you can instead opt for the time deposit option.
Other investment options include mutual funds, which can be considered a newbie-friendly investment. There are different types of mutual funds, such as equity, bond, money market, and balanced funds. Depending on which kind you prefer, you can invest in these instruments for just a year or even less, like in money market funds. Bonds, meanwhile, require a longer timeframe for investing because they involve the government or publicly traded corporations.
Another smart investment you should seriously consider is insurance. New insurance models now conveniently combine insurance with savings and investments components. This way, you can keep yourself and your loved ones financially protected against worst case scenarios, while at the same time growing your funds, too.
Nowadays, franchise opportunities are a great way to do business. What you should be careful about, however, is determining what kind of franchise or business you would like to invest in. Food carts can easily go for just a little over PhP100,000, while just recently, a famous 24/7 convenience store chain announced that they are lowering their franchise rate to a mere PhP300,000 bundle, which is a huge mark down from the usual PhP2 to 3 million they previously required.
Find the right manager, train the right staff, and be on hand to meticulously take care of the operations of the business, and you should be enjoying your ROI (return of investment) sooner rather than later.
If you want to come up with a new brand, you can use the money to invest in tools to improve your product and finally execute your grand ideas for sellable items or services. Don’t worry too much about not having enough money to get it rolling because that’s what partners and investors are for. Build a solid business plan that you can pitch and present to interested parties, and you won’t have to walk the path of entrepreneurship alone.
Give credit where it’s due. If your boss praises you for your team’s work, acknowledge their efforts, celebrate wins (no matter how small), and build a culture of accomplishment. Failing to recognize good work, or even improved work, decreases morale. You shouldn’t reward everyone equally, as it would discourage your top players but it’s good to praise improvement where you see it.
At the end of the day, the entire point is that there are so many things you can do with a million pesos, least of which is to blow it all off on fancy wants that will only satisfy you for the short-term. Instead, think long-term and make smart choices. Before you know it, your one million pesos would already have grown into several more in just a few years.