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The Ways I Will Invest in My Future

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Finance has shown me how to spend and save money on my needs. I learned how to make money grow by using compounded and interest rates and how the outlook and strategies are different now. Every New Year’s, I set some goals I would like to achieve by the next year. So, this idea was a great assignment it’s very important to plan and bring it to reality. One thing I wrote for my New Year’s resolution is getting out of debt. I want more out of my finances; I have been paying down all my bad debts. It’s working and a lot must change. I now in control of my income.

Three ways I will invest in my future. Open an IRA that is an Investment Retirement Account. An individual retirement account (IRA) allows you to save money for retirement in a tax-advantaged way. An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. Each month, I will add a significant amount of money to this account and let it grow without touching it. This idea will provide me with a good retirement balance and liquidity at a time I will want it in the future this will probably help me achieve financial freedom. The plan I have I want to be able to retire early by the age of 50 if I wanted to. I have a witness to many people around me that haven’t saved enough money to retire on and still working at the age of 70.

A mutual fund of bonds, investment, and other stocks that investors buy shares in a mutual fund and everyone’s money is in a pot. Some funds only invest in stocks others only invest in bonds in moderate amount of stocks and mutual funds. I will buy and sell small shares of the company’s stocks by doing my own research. I will then add 20% of my income into each account hopefully picking the right share will increase making me money. Doing this issue is sometimes be very difficult, so I recommend doing a lot of research before starting something like this sometimes, it’s a hit and a miss.

Thirdly, I would put my money into a high interest saving account, online savings accounts offer higher rates, and you often end up saving on the cost of the account. Due to lower overhead costs, online banks usually charge lower fees. In FDIC-insured online banking, your funds are as secure as in a bank branch. The most confident way to invest would be to invest systematically for the long term with periodic rebalancing to ensure that the mix of assets in the portfolio remains constant or as per our risk appetite. I know that my money will grow over time. It all depends on how much money I add to the account. This account is mostly pre-tax.

The most challenging are equities and mutual funds. You will have to take a risk on your hard-earned money. The risk is that when the situation worsens, you will not be able to recover the principal of your investment.

Finance has been very exciting for me I have learned so much it’s a lot of risk-taking and time planning when deciding how to allocate your investment. I now know and understand how to prepare myself when I retired. I want to travel and have no debt. 

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The Ways I will Invest in My Future. (2022, February 10). GradesFixer. Retrieved August 5, 2022, from https://gradesfixer.com/free-essay-examples/the-ways-i-will-invest-in-my-future/
“The Ways I will Invest in My Future.” GradesFixer, 10 Feb. 2022, gradesfixer.com/free-essay-examples/the-ways-i-will-invest-in-my-future/
The Ways I will Invest in My Future. [online]. Available at: <https://gradesfixer.com/free-essay-examples/the-ways-i-will-invest-in-my-future/> [Accessed 5 Aug. 2022].
The Ways I will Invest in My Future [Internet]. GradesFixer. 2022 Feb 10 [cited 2022 Aug 5]. Available from: https://gradesfixer.com/free-essay-examples/the-ways-i-will-invest-in-my-future/
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