Announcement

Collapse
No announcement yet.

Recent grad looking to safeguard his earnings and invest (MEX)

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Recent grad looking to safeguard his earnings and invest (MEX)

    I recently graduated from university here in Mexico. I found a decent entry-level job (for Mexican standards) where I'm getting paid $15,000 MX pesos (around $900 USD) per month.

    I live at home, have no student debts and have very low expenses, so I save most of my earnings and have no short or medium term need for this money. I currently have the equivalent of $4,000 USD in savings and it's adding up each month.

    I want to safeguard my money from currency volatility. The Mexican Peso has devalued by about 50%+ against the US Dollar in the last 10 years with no indication of this trend stopping, in fact, it'll probably get worse in the next few weeks as Mexican elections are coming up and the front-runner is not considered to be business friendly at all.

    As you can see, holding Mexican pesos is akin to losing money, which is why I need to find a way to turn my savings into U.S. Dollars and ideally have them paying interest in some manner.

    My idea was to open a bank account with an online bank service like Chime or Simple that donít charge nearly any fees. I'd deposit my money into this account as US Dollars, and then I'd make use of the savings account they provide to transfer most of my money there and earn some interest at the very least.

    The problem is I can't apply to any of these online services since I'm not a US citizen (At least I'm not aware of one made available outside the US). And I'm not even sure this is a good option.

    I'm mostly at a loss as to which options I, as a Mexican citizen, have to safeguard and invest my money in US Dollars and if there are options, what my best bet would be. As you can tell, I'm a complete novice regarding all things investing. The only thing I'm sure about is that I do not want to hold MEX pesos.

    I'll be massively grateful for any direction.

    #2
    In Canada, at the other end of NAFTA, we understand the currency and economic issues. We describe our situation to others as 'the mouse living next door to the elephant.' We've had conversations about what to do when the President threatens to bomb his neighbour to the north.

    I don't know enough about the MEX investment process. I suggest some highly readable basic books like the MEX version of Investing for Dummies and The Automatic Investor [Bach] for example. I'd look to S. America, [Argentina, Brazil, Columbia] possibly explore Index, 'Exchange Traded Funds.' The rule is to only invest when you fully understand the product you are buying. The learning curve is up to you.

    Comment

    Working...
    X