Finally I've convinced them. Success!!! *:-)
It was not that easy though. I thought.
Well, it was like this, I was telling them, when you keep your money in a bank, it earns interest rate depending on the amount of money you have. The higher amount you have, the higher the interest rate. The lower amount you have, the lower interest rate. But when you invest in mutual fund, you have the same interest rate as that of those with millions of investment.
My aunt surprised me one night when she asked me about money market. She said she has been watching business channels lately and was hearing about money market and mutual fund. She got curious about it. Even became more interested when one time she went to her bank and updated her passbook. She discovered how little was the interest she gets from her savings deposit. She noticed that it was even decreasing. Then she thought of investing it somewhere else. She has inquired from an investment company. unfortunately, she said, the minimum investment is so far beyond her available fund.
I was having a lecture on mutual funds to my aunt while my cousin was just around doing her own stuff. walking to and fro in front of us. When my lecture was finished, my cousin told me, "Would you like to bring my fund tomorrow and invest it there?" I was surprised. I thought she wasn't interested. She was listening all along. She even had more investment than my aunt. My aunt said she will still try and see what happens.
To this day, many of my friends are already into mutual fund through my convincing. Even many of my office mates. Some have been contaminated by the "mutual fund" fever I created. They were just happy and thankful for me. They are now earning much more. Even those who are conservative has become brave enough to take risk. You see, mutual fund is not insured with PDIC - Philippine Deposit Insurance Company. The maximum amount that is insured with PDIC is P500k.
Somehow I became an investment adviser to them. One friend even asked me if it is better for her to convert her dollar investment into peso. Generally, I make them decide. It's their own money. I just share what I know about the market trends and my experience as well. It really feels good to help.
Now a days, one need not have much money in order to invest in mutual fund. Although, there are some investment company that has a minimum amount of investment that many, if not most, could not afford, like my aunt. I am one of these people, too, who would have wanted to invest with the small fund that I have.
Presently, there are banks, like BDO, that offers a minimum investment of ten thousand pesos (P10,000.00). They even have this EIP or Easy Investment Plan where one can start to invest with just one thousand pesos (P1,000.00). Yes!
Easy Investment Plan of BDO is an Automatic Savings and Investments which is made available through its auto-debit
facility. A participant chooses any amount per contribution (starting at P1,000.00). This is automatically debited from the account maintained at BDO at a chosen time of the participant. This amount is immediately invested to mutual fund.When your contribution reaches ten thousand (P10,000.00), this will be treated as a regular investment documented by a Confirmation of Participation (COP).
This plan is great for people who could not afford the usual minimum investment but would already like to invest with the minimal amount that they have.
Keeping or saving your money in a bank is secure and risk-free. You may get it anytime with no hassle. But savings alone is not enough to make your money grow ------ at a shorter time and much higher.
Investing will do! This means taking some risks, but the rewards are higher.
Happy Investing!
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