24 Jan 2024
One of the core objectives of working in a developed country like Ireland as a Nepali migrant is to earn enough to meet pressing financial needs. For Nepalese migrants who work in Ireland to earn a living and send money online to Nepal from Ireland, one of these financial needs is to earn enough to save for investments.
A report by Taylor & Francis Online said that in 2022, about 800,000 Nepali migrants worked in developed countries, whereas the temporary migrants ranged between 2 to 3 million.
The reason?
The low income threshold in Nepal makes it difficult for the natives to earn enough to save and invest. Therefore, they travel to developed countries like Ireland for better employment opportunities and higher income thresholds.
But do you know how to invest and what factors should you assign enough consideration to while making an investment decision?
Well, this blog will walk you through investments and their importance. Continue reading!
Investments refer to the acquisition of an asset to generate income or appreciate its value. Appreciation in this context means the increase in the value of the purchased asset.
For example, if you purchase a piece of land now to sell it later at a higher price than when you bought it, the time until the sale of the land will add to the appreciation of the said asset. When you acquire an asset or a good for investment, you do not use or consume it. Rather, the intent is to keep the asset for the future to generate profit and income.
Investment is an effective way to save a part of the money you send back to your family to offer financial support in every money transfer from Ireland to Nepal. Investments help you build wealth and capital and as time passes by on your investments, their value appreciates, leading to a potential increase in your overall wealth. Look at some of the advantages of investments.
Investments are a great source of passive income. Relying heavily on your regular income is never wise because if it stops, as was witnessed in Covid-19 years, it can create immense financial hardships. But through investments, you get a steady income stream.
If you are worried about financially dependent upon others after retirement, then investments are the safest way to become financially independent. Regularly investing in different areas will help you attain financial independence soon enough.
What to consider while investing and where to invest in Nepal while living in Ireland as a Nepali migrant is addressed in the next section.
Whether you live in a developed country like Ireland or a developing one like Nepal, you have to face inflation somehow. Therefore, your reliance on one income source can leave you financially vulnerable. Investments, however, are a guard against the effects of inflation.
Do you send money to Nepal online from Ireland to offer financial support back home to manage regular and daily expenses? Or do you have some financial objectives to achieve too? Well, the answer is obvious. Investments, therefore, are a secure way to achieve your financial objectives.
You are leaving one important aspect of investments aside. So important is it that your investments largely depend upon it. Do you know what that is?
Well, you guessed it right!
It is the savings that you make. Your journey for investments begins with savings, so learn the tips to save money as an expatriate.
Let’s now look at the investment opportunities in Nepal.
The Nepali government has set several policies that are suitable for investments, both local and foreign. So, investing your money in the following few areas will be safe if you are working in Ireland or any other foreign country.
Although the value and prices of land in Nepal are increasing, the land is still cheap. Even the fertile agricultural land is cheaper than you might think. So, investing in land in Nepal can yield dividends in terms of crops and the value of the land itself.
Nepal is sandwiched between two growing economies, China and India, whose people are eager to travel to other countries for tourism purposes. So, the tourism industry in Nepal has immense potential, making it a worthwhile investment opportunity.
The energy and hydropower sectors in Nepal have great investment potential. But where investing in huge hydropower plants may require humungous sums of money, you can buy shares in companies after they market their shares and make them public.
Several Western countries like the US, Australia, and several European states are outsourcing research, programming, and labor-intensive work to countries like Nepal. So, investing in this area can offer huge financial dividends in the years ahead.
When you travel to developed countries like the US and the UK, you find some of the best doctors of Nepali origin. Although Nepali hospitals lack the necessary infrastructure, the quality of doctors there is fairly high. So, investing in medical tourism is safe and financially beneficial.
Making investments may sound appealing due to the financial dividends they can offer. But remember that it is a tricky area in the financial world. Therefore, make sure to deeply consider the following critically important factors while investing.
Your investments will likely be safe if you thoroughly consider the factors above.
How you choose to send money to Nepal from Ireland also plays a significant role in your investment journey because this process incurs costs and can be financially burdensome.
But if you choose ACE Money Transfer for your online money transfers to Nepal from Ireland, you will get live and market-competitive currency exchange rates, swift and safe delivery of funds, and much more from just one window for a low fee.
The low fee is only applicable when the amount being transferred reaches a certain threshold below which your transactions with ACE Money Transfer will likely remain fee-free. All of these features will help you save more money, which you can divert and add to the amount meant for investments in Nepal.
An investment is the acquisition of an asset that you purchase to generate income or appreciation. Appreciation on investment means waiting for a certain time to increase the value of the asset you have invested in. Purchasing land now to sell it at a higher price later is an example of it.
You cannot overemphasize the importance of investments. It is through investments that you attain financial independence after you have retired. Some of the advantages of investments include protection from inflation, savings, achieving financial goals, and generating a passive income.
Some of the factors that you must consider while investing are knowing the reasons to invest, researching the market, risk assessment, length of investment, tax obligations, market volatility, liquidity of your investment, and checking current and future inflation rates.
Some of the investment options for you to invest money in Nepal as a Nepali migrant in Ireland are agricultural land, tourism industry, medical tourism, investing in hydropower and energy sectors, and outsourcing labor to Western countries like the US, Australia, and Europe.
Since you transfer funds back to Nepal from Ireland regularly, the incurring costs can affect your savings. Remember that your savings alone lead you to save enough to invest. Therefore, choose a service provider like ACE Money Transfer that charges a low fee and offers market-competitive exchange rates on your money transfers, allowing you to save more to invest.
