You will experience many changes every time you reach a certain point in your life. In every stage, your attitude, goals, priorities, income, expenses, spending habits, and savings may shift—that’s why you need to learn which investment vehicle suits the life stage you’re in.
- Building Your Wealth
The first stage is ideally the period wherein you begin working to earn an income, whether it’s through the workforce or by starting a business or a sideline. Since you’re still very young, you have more time to choose an investment and let it grow.
- Getting Married
In this stage, you now have to consider your better half when choosing insurance and investment plans. The good news is that you can combine your earnings with your spouse’s to pay off both expenses and investment. Getting life insurance is recommended.
- Becoming a Parent
Priorities would change once again once you have kids—you must consider their educational plan. You may be earning more, but since there are more people to support, your savings may suffer.
- Working Abroad
There may also come a time when you or your spouse move overseas for work. With good saving habits, you get a steady income and grow your savings again. It may now be better to go for long-term investments, which usually takes 10 or more years to earn gains.
- Running a Business
Once you have enough money, you can now open your own business. You can also afford to get a bit risky with your investments so that you can earn more within this stage. Nevertheless, you shouldn’t neglect safe investments.
- Planning for Retirement
Invest in your retirement plan before reaching your retirement age so you can enjoy higher gains by the time you stop working. For retirement, choose short-term instruments where you can get your money back sooner.
In every stage of life, there’s an available insurance and investment product for you; you just have to learn how much you can lose or gain from it. Learn more about investments at every stage of life in this infographic, and don’t forget to consult with a Bancassurance Sales Executives regarding your finances.