When you’re a child, the future feels like a very long way away. There are so many years ahead you simply don’t think about it, because right now you’re being cared for and you are safe and warm. As you get older, you start to understand time and how fast it gets away from you. All of a sudden, you’re halfway through college and thinking about applications to jobs in the big wide world and the future is very real.
Realising your own mortality is terrifying for some but for others, it’s an empowering feeling. It can prompt you to get your life in some kind of order and get prepared, because life doesn’t last! It’s never too early to think about the college funds of your children, the life insurance you could purchase from wholelifeinsurance.co or even the retirement fun you could set up. Having a strong financial plan in place for your future is important and the biggest decisions can be relatively overwhelming. There are plenty of ways you can ensure your financial security in the future, and we’ve put four of those together for you:
- College Savings. If you haven’t heard of it, the 529 plan for the college funds of your children is an excellent way to invest in their education. You can read about it in more depth here, but understand that the earnings in your contributions are tax-deferred! If you withdraw from the plan to pay for your child’s tuition, you won’t be paying any added tax – bonus!
- Real Estate. If you have the money to invest in a home of your own, you’re giving yourself a tangible asset for the future. You could raise a family, sell up and downsize and still have a chunk of cash ready for your retirement. These are fantastic ways to ensure that you have something to help yourself, and then something to pass along after death to your children.
- Mutual Funds. Mutual funds aren’t particularly well known, but they have changed the way that investors can participate in the markets today. Read more here about mutual funds and how they can secure your financial future for you.
- Retirement Funds. Via your employer, you can make contributions directly from your salary into a pot ready for retirement. You could, of course, have a private fund running alongside this which will pay back out to you when you retire, and you can look at this website for some of the best retirement funds available to you.
Planning for your financial future is a great way to ensure your own security, and the security of your family. If you are making conscious decisions about the years ahead early enough, you are going to be able to feel secure and comfortable in the years you have until that point. There’s no point in panicking about mortality and the future if you have it all sussed out and waiting for you! Life is there to be enjoyed, and it’s far more enjoyable when it’s secure!