The 3 Things You Should Be Investing On
The best thing about welcoming the upcoming new year is being able to start with a clean slate. For resolutions, you may want to work on keeping more fit and fab, being more attentive to your friends and family; generally, ‘gaining a balance between your work and personal life. You could add another item that can significantly benefit you in the long term—investing.
Investing can mean two things. One, put your money into investment vehicles, e.g., stocks, bonds, mutual funds and insurance, real estate. Your money will grow from the profit of your chosen investment vehicle. It’s putting your money to work without the actual work. Two, put your money into something beneficial for a certain period that may extend to the rest of your lifetime. This can range from businesses to more tangible items like cars, technology, or property.
Simply put, you invest in something to support your goals. For example, you invest in an insurance policy to cover your child’s college education, or a high-tech laptop to make your computer work more convenient, or even in an ergonomic work desk and chair. Financial experts point out that nowadays the most important things to invest your money in are an insurance plan, a car, and a house.
“These three things are the most basic necessities for the household,” says financial consultant Grace Recomite. “It adds stability to you and your family even at the time you can no longer work. Also, these are three things that you can pass on to your children and their children.”
This article was originally published in Working Mom. Changes have been made for Metro.Style.