The estimated report of migrants working abroad is around 6-7 million. People migrate to different part of countries for better earnings and for better standard of living. Most of them are unskilled laborers from lower class for meeting their family expenditure. There are many emigrant who are highly paid professionals in banking, hospitality sector and construction works also.
Migrants has to safeguard themselves and their family by saving the income or investing in various modes since the risk of losing the employment is more, that may arise from some internal disturbances, that has happened in Syria, Lebanon etc. Many fall prey to various excessive temptations causing further bankruptcy to their present condition. Added to all the temptation is the availability of Credit Cards issued by various banks on apparently simple terms. Migrants who do not have the culture of saving money, spent their money on unnecessary luxuries bringing themselves in debt which should be avoided.
Managing money is an art. Today there are many options available for migrants to save and invest in long term of which foremost is investing in a home in the mother land. All migrants should take a housing loan and buy a house or land and pay back in installments monthly which will work as a monthly compulsory saver. In addition there are many options like Mutual Funds, Life Insurance, Bonds, Debentures, Gold ETF, Share Trading, Fixed Deposits, Debt Funds, Public Provident Funds and much more.
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