Investing In Your Financial Future
Nov. 17 2019, Published 1:32 p.m. ET
The future is something that we all need to plan for. One day you will no longer be able to work and you will need money to keep yourself afloat during your retirement. While it is easy to try and ignore it or hope that money will magically land in your lap, this is not the way that the world works, and, unfortunately, that means investing in your future.
There are many great ways to plan for your financial stability during your retirement, and it is important that, no matter how young you are right now, you start planning and investing for your own future.
Bitcoin And Cryptocurrencies
You probably heard all about Bitcoin when it hit the news in 2017 after reaching a record high of around $20,000. The cryptocurrencies increase in value was massive, because eight years previously the currency was worth mere cents.
The world suddenly woke up to the technology that had begun to change the face of the financial industry for good. Build around an anonymous digital ledger called the blockchain, Bitcoin is a decentralized currency which is free from all political control. The fact that the blockchain registers every transaction made using the currency means that it is secure and is open to less abuse than the traditional financial systems.
Many people ask the question, but how do I invest in cryptocurrency? Trading bitcoin or one of the two thousand other currencies requires you to have a secure digital wallet and use a trading site or a piece of software such as a Bitcoin Code app. Anyone can trade it in, and you may stand to make a reasonable amount of money over time. Pay attention to the markets though, as Facebook has a currency of their own launching which may go on to rival and overtake bitcoin.
Investing in bricks and mortar will provide stability and security for your future. People will always need homes, and if you own property, then you can rent out or sell it in order to make money for your retirement.
Buying a home to let out will mean that you will have a regular source of income. You will, however, need to maintain the property and also deal with taking payments from and dealing with any issues with tenants. But, for many landlords, life can be quite easy and the money will just flow in each month.
If you ever decide to sell up and enjoy the lump sum that you will earn as a result, this is something that is always going to be an option for you.
A traditional way of investing in the future is to put money into a pension fund. Many businesses will deduct money from your wages and put it straight into a pension plan for you. Some will also pay in money for you too.
Pensions are great in the respect that you cannot touch that money until you reach a certain age. However, there have been a number of high profile examples of pension plans that have fallen through due to problems in economy, or poor management within the companies involved.
[Editor’s note: This post was produced by one of our trusted partners.]