Several months ago, I planned of opening a mutual fund account in FAMI (First Metro Asset Management Inc.) especially last August and September when the stock market declines because of the crisis in US and Europe. When I visited FAMI website, I failed to read carefully the details on how to proceed with this kind of investment. In short, my investing was delayed.
I noticed when it comes to investing; the most difficult is the decision stage. Money or the initial investment needed is not really the biggest showstopper. Half of the time, I already have the amount for the initial investment but I used it for something else.
The same thing happens when I first learned about the stock market. It took me 6 months to decide. I know I’m not alone because majority of my friends and relatives I encouraged to invest did the same thing and some of them did not invest at all.
Well now I realized that buying a mutual fund is as easy as paying your monthly electricity bill. I assumed that you already have the idea what mutual fund is. If you still don’t know you can click here to learn.
In my case, a long term investor, I choose Equity Fund. Below are the 2 simple steps to open a mutual fund account in FAMI:
- Download, print and fill-up the forms. This consists of Account Opening Form (AOF), Investment Application Form (IAF) and Signature cards. Bring photocopy of two (2) valid IDs. Application forms can be found here.
- Go to the Metrobank branch near you, deposit the initial investment of 5,000 to the FAMI account number (SA#016-3016-251-497) and submit all papers to the teller. The teller will also validate and check the forms for the required signatures along with the requirements.
Once you’re done with these two steps, wait for 3-5 working days for the confirmation. FAMI will be sending the receipt to your home address indicated in the application forms.
The next challenge is to regularly funding your mutual fund account. The good thing about mutual fund is you can add as low as 1,000 pesos and also this is for people who don’t have time to learn the stock market. By the way, equity fund is one way of investing in the stock market indirectly. You just allow somebody, the fund manager to invest your money for a fee.
To learn more about mutual funds click here.
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