As an employee who has a steady income you often have many life plans. You budget to meet day to day needs, at times save up for self improvement or luxury i.e. holidays, a car, or education etc.How you spend your money can determine your future. There are important priorities you should add to your budget that actually investments. Below are 7 life investments you should make with your income.
When people think of taxes they cringe however paying your taxes is a civic duty. It’s also a requirement the law which if unpaid or unchecked, will land you into a lot of legal trouble (and expenses). Paying also taxes gives you right as a citizen raise your voice and complain if civic and national services i.e. roads, utilities, law enforcement etc. aren’t at par with what you pay taxes for.
2. Real Estate
Real estate has attractive returns due to the multiple income streams from real estate investments.
3. Health Insurance
Also known as medical aid is very important even to the healthiest of people. In the event of medical emergencies such as accidents, heart failure etc, your health insurance or medical aid cuts costs on medical care.
4. Life Insurance
As long as you don’t tell people, get yourself a life insurance policy. This policy is mainly for the future of your business or loved ones to benefit.
5. Emergency Fund
No matter what, life throws unexpected curve balls especially financially. An emergency fund is very crucial for all individuals as it helps during dire times. You need keep savings that are untouched yet easily accessible.
6. Funeral Policy
We all know that we all have a final destination. Being prepared for that is very important. Funerals can very costly a funeral policy helps financially when an insured person passes away. This type of policy helps with the arrangements and expenses that come with a funeral.
Although very risky,stock market has consistently proven to be a good place to invest your disposable cash and save for your future.