If you were thinking you don’t need to worry about your financial future until you reach your fifties, we have some news for you. The sooner you start a wealth generation plan, the better your future will be, and with that in mind, here are some financial decisions that you should be taking before you reach the age of 30.
Property Acquisition – Of course, getting the deposit together for your first real estate purchase is always difficult, however, if you can become a property owner while in your twenties, you will be generating equity from day one. If you or your partner can save together, it doesn’t take long before you amass a few thousand dollars and your parents might be able to lend a hand with this.
Create An Investment Portfolio – Investors in some parts of the world buy gold Brisbane City dealers have on offer. There are other reputable dealers as well and you can find one near your location through an online search. The internet has made it easier for investors to acquire bullion at any time and with the current market volatility, many investors are turning to gold bullion. If you enlist the help of a financial adviser, he or she can help you create an effective wealth generation plan that puts you on the path to a secure retirement. Planning early gives you a big advantage. If you start investing in your late twenties, you have more than 3 decades in which to generate wealth.
Set Saving Targets – If you have a goal with your savings, it is easier to make some headway and when it gets tough, think ahead to your retirement day and that should spur you on. People have different ways to help with saving. Some collect their coins in a big jar, while others set up a direct debit that automatically transfers some of the salary into a savings account.
Set Up Life Insurance – No one knows what the future holds and taking out life insurance is an essential requirement to protect your family in the event of your passing. If you would like a few quotes, Google can help you locate leading insurers and everything can be arranged online. Some policies double up as savings plans. Talk to an insurance broker for more information.
Buy A Second Home – It is possible for a high earner to buy a second property before they hit 30 and the sooner you do, the more equity you will make. Rental properties offer a great return on investment. If you are earning a good salary, this would be a smart move. Hook up with a local property management company and they can take core of the property (and the tenants).
When you are young, it is oh so easy to forget about the future, yet if you set out a good financial plan and stick to it, you certainly won’t regret it. Without some sort of financial plan, your money is spent on this and that, with no real structure and if you are just starting out on your professional career, don’t forget to put something away for the future.
