The road to wealth and retirement isn’t like the rags to riches stories you see in movies. As the story goes, you go to school, pick a career, have a family and retire. However, every single milestone or event that happens in your life will require money. You’ll need a financial advisor and multiple forms of investment as every life goal requires a lot of saving. This includes funding for education (e.g. college or university), paying off debt, having children, buying and paying off a mortgage, among other things. Here are four reasons why you need to start thinking about a multiple investment plan:
The cost of everything that falls under the family umbrella is expensive. It could include wedding fees, having children, health insurance and paying for school. In order to accomplish this, as well as pay for a family vacation, among your other numerous expenses, it’s important to have multiple streams of income.
Your home is a security blanket. At the end of a long day, you want to go home and take a long bath, make some popcorn and watch Netflix. Regardless of whether this is what you like to do after a long day; you still require a roof over your head. Buying a home is not something that happens with the snap of your fingers. Whether you choose to buy or rent, you need to have the necessary funds to be able to live there and still do other things. For that, you need to have your ducks in a row and figure out your finances. There are some who even use real estate as part of their investment plan, something else to keep in mind for your financial portfolio.
Technology is changing the world’s financial systems as we know it. Cryptocurrency is said to be the currency of the future. Many people know or have heard of Bitcoin because the value exponentially increased back in 2017. While the following terminology might sound like something you need to know when cracking the Da Vinci Code, there are many arguing about whether coinbase or kraken is the way to go. Do your research on cryptocurrency and be prepared as the world around us is constantly evolving with technology. By the year 2030, kraken could be what you need to purchase your morning coffee.
Understanding and having multiple investments is one way to ensure a smooth sailing plan for retirement. Once you are no longer working, you’ll want to be living a comfortable life. You want to be able to sip lemonade on a beach reading a good book, not sitting at your kitchen table looking at jobs in the newspaper because you are not financially stable.
Carl Fredricksen and his late wife Ellie from the Pixar movie Up had a hard time making it to South America because things kept getting in the way of their saving jar. While stories for kids are not often tied back to financial advice pieces, it’s important to remember that investments are one of the most important things to keep in mind whether you’re young or an adult. Your investment plan affects your everyday life, so do your research and remember their importance.