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.


Christopher is a brilliant content writer and digital marketing executive who enables brands to connect in a human way with their audience on the internet. He is also a trained investment advisor, with a passion for helping people secure and maximize their financial resources.

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