The Only 3 Things You Should Save For

 

Shocker: Your Pension or Retirement Savings Will Not Save You

This article is for young and middle-aged professionals who desire a happy life and financial freedom at retirement, but don't know the right way to use their savings to get there.

By the end of this article you would know how to choose a good investment asset that always puts money in your pocket.

Let's proceed...

The truth is, you cannot save your way into financial freedom. It's just not sustainable. You'd always be restricted in your spending.

Am I saying you shouldn't save money, not at all. But what I'm saying is that you should invest as much or even more than you save after careful assessments of the risks involved.

However, there are only 3 things I recommend you save for:

1. Save For Emergencies: Life doesn't promise you that things would always be the same. Change is constant.

So always ensure that you have at least 12 months worth of your basic living expenses saved as emergency fund to cater for things like your house rent, feeding, medicals and other essentials because it would protect you if you loose your source of primary income.

2. Save Towards Your Future Goals: As you get older your needs and aspirations also change. You begin to aspire for things like acquiring advanced skill sets, starting your own family, sending your children to good schools, owning a good car, owning your own house, starting your own business, giving back to society, traveling around the world with your loved ones etc.

All these targets, goals and aspirations are good things you should save towards. But you can't achieve them unless you have a dedicated policy (plan/account) specifically designed to ensure that you achieve them.

3. Save To Acquire Assets: Your assets are your pathway to financial freedom. They are what makes you rich, then wealthy.

I define them as "endeavors that allow money to flow towards you consistently". They are good investments.

To help you decide a good asset to save for, just remember that "The liabilities of the poor and the middle-class are the assets of the rich". This means that rich people own what poor and middle-class people like to buy.

NOW THAT YOU KNOW WHAT YOU SHOULD BE SAVING FOR, GO OUT THERE AND MAKE ME PROUD.

PS: Send me a message if you need a policy that helps you save for hacks 2 & 3 above.


🛒 Content Marketing Expert 🧠 Personal Growth Blogger 🖋️ The BEST Content & Copy Writer

Comments

Post a Comment

Popular posts from this blog

COMPETENCIES EVERY GOOD LEADER MUST MASTER (MANAGEMENT)

Image
Leadership competencies in many different areas are salient in order to effectively influence the behaviors of others – and ultimately achieve desired results. Competency is defined as “ the quality of being competent; adequacy; possession of required skill, knowledge, qualification, or capacity .” Some competencies come naturally for people while others need to be learned and practiced.  Common Leadership Competencies:
Read more

RESOURCEFULNESS

Image
Being resourceful means knowing how to get the information and results you want. Being organized and having true systems are big pieces of the productivity puzzle, but sometimes “Getting Things Done” means being a creative problem-solver.  Being Resourceful   Being resourceful distinguishes one from the rest of the crowd, especially in very harsh terrains which require quick problem solving skills. The question then is how can we bring this resourcefulness ingenuity into our daily lives and work? Ask yourself these questions:
Read more

WINNING PEOPLE OVER

Image
We all have a few things in common: we want to be liked, loved and happy. Some people make us feel special, others make us feel significant, while others can make us discouraged, small and unimportant. The saying goes, “how you make others feel about themselves, says a lot about you” reigns true. When you lack ability to make people feel good about themselves it does nothing more than showcase your own raggedness for the world to see.  As leaders who believe that people matter, we must become masters at making people feel great – to build and maintain lasting relationships, to consistently influence (in a good way) the people around us, to always make people feel better about themselves, and to become the kind of people everyone wants to be around.    Some tips on making people feel great about themselves include: 
Read more