If your long-term goal is to put yourself in a position that you’ll be able to retire early or be able to retire comfortably, Jeffrey Mohlman thinks it’s well worth continue reading in order to discover a few foolproof financial strategies which you can use to save for your financial future.
4 Of Jeffrey Mohlman’s top-rated, long-term financial strategies:
Invest a portion of your disposable income, instead of saving it all
While it’s important to save a portion of your disposable income every week, as the interest rates which are offered by most banks currently sit at around 2% if you want to make the most effective use out of your income, it’s well worth choosing to invest some of the money which you have earmarked to save.
As if you invest a portion of your income, you should be able to make a high return on your investments, which you’ll then be able to add to your savings, in order to boost your long-term bank balance!
Make sure to create a diverse investment portfolio
If you are sold on the idea of creating an investment portfolio, in order to set yourself up financially, it’s well worth avoiding putting all of your eggs in one basket. As an example, if you choose to invest tens of thousands of dollars into purchasing stocks in a single company. If the company which you chose to invest your money in experiences a huge drop in share price, you’ll instantly lose a huge percentage of your investment.
So it’s a far wiser decision to build a diverse investment portfolio which features a wide variety of traditional stocks as well as stocks in index funds. Index funds are managed funds which are comprised of stocks from dozens of companies. Which make stocks in index funds a far safer bet than traditional stocks. As if one of the companies featured in one of your index funds takes a plummet in share price, the overall value of your index fund’s shares may not drop.
Make sure to organize medical insurance, before you require it
If you don’t want to pay a small fortune in the future, in order to pay for health-related costs, it’s well worth making sure that you’re signed up to a reputable healthcare plan such as Medicare. As if you fail to pre-organize health insurance before you require an expensive medical procedure or treatment, you’ll be stuck having to pay a huge medical bill. Which may set you back close to $100,000.
Consider organizing life insurance
If you have a family, who relies on you, it’s also worth taking out a reputable life insurance policy. As in the unfortunate event that you pass away prematurely, your family will be well taken care of for the rest of their lives.
So if you’re looking to set your finances up so that you’ll be in a positive financial position in the future, it’s well worth referring back to the four foolproof financial tips listed above. In order to drastically increase your chances of success.