INFOGRAPHIC: Wise Investments Every 20-Something Should Make3 min. read
Your 20s are a big experimental playground when you can enjoy youth with independence while still having some room for mistakes. It’s also in your 20s when you need to start thinking about the road ahead to your 30s and beyond.
At this juncture, you need to start making wise investments. Given all of life’s surprises and uncertainties, you must start putting up the building blocks that will fortify your line of defense for what’s ahead.
Begin following the path to a wiser and wealthier future with our infographic below.
Skill set enrichment
Having a decent paying a job is essential, but it’s also importable to have a marketable skill set. Even mastering the basics such as the usage of Microsoft Office, writing business letters, and preparing formal presentations can go a long way to aid you in climbing the corporate ladder.
Aside from taking up a master or doctorate degree, course refreshers and skill-specific short courses are good ways to update your corporate development.
Learning new skills doesn’t even have to be limited to what you can use in the office. Why not learn something entirely new? Or take a few classes related to a hobby you’ve always wanted to pick up? Your first job won’t be your last and your next shouldn’t be your last either. Branching out and expanding your knowledge beyond your job or your original course can create more opportunities for exploring new careers and fostering a network.
Bottom line is, your biggest asset is you. Skills, talent, and experience translate to better numbers on your paycheck.
Personal presentation upgrade
As mentioned above, your core asset is you. Part of improving oneself is revamping your appearance to look professional and sharp. You should be making quality purchases such as a branded metal timepiece, an elegant branded leather bag, a dapper suit or a stylish black dress. These may seem luxurious, but investing in your appearance is also a valuable investment.
Emergency fund and retirement savings
Trouble comes when you least expect it, even in your 20s. It can come in the form of an unexpected job loss job or just sudden huge expenses – like a medical problem or accident. To guard against this, it’s advisable to always have an emergency fund.
Stash at least three months’ worth of your paycheck in an easy access savings account – and don’t touch it except in case of emergency.
Even though it may seem far away right now, another important thing to start investing in now is your retirement. The best advice to ensuring a comfortable retirement is to start investing sooner to save bigger. Using compound interest, you can have a glimpse of your future by calculating the amount of contribution and the years to pay. It may seem that it’s hurting your current financial status, but you will thank yourself in the future.
Pursue and protect your dreams
It’s your sole responsibility as an adult to translate your ambitions to fruition. Insurance coverage can prevent life’s mishaps, such as accidents and severe health conditions, from seriously draining your bank account. However, security through insurance won’t be enough to help you achieve your dreams. Thus, you still need to have a growing investment fund.
AXA supports your aspirations of building a better life. MyAmbition is a single-pay variable life insurance plan that allows you to grow your money through bonds, equity or balanced funds while insuring your family at the same time. Talk to us today to know more about the product.