As you get older and further in your career, your priorities may change from when you first entered the workforce. Setting aside a small amount for a rainy day may help, but now that you’re approaching the big 40, it’s time to make your money do more for you through investments.
There is a misconception that you should be preparing for your retirement at 40, the peak of your career. However, starting your investments as early as now can help you reap even more benefits from them, allowing you to reach your retirement goals with ease.
Investments aren’t limited to just financial tools in today’s market. It can include health & wellness programs, real estate, education, and even health insurance in the Philippines. Many of these investments can help you secure yourself and your family’s future, so you can enjoy life to the fullest, knowing that your needs and wants are taken care of.
Below are five financial investments you should have by the time you turn 40.
Once you reach your golden years, this is the time to enjoy the fruits of your labor. To do that, you need to start planning your retirement early on. It helps to make a list of specific goals you’d like to reach once you enter retirement, and then do the math to figure out how much you’ll need to achieve these goals.
Once you have this amount, it’s time to find the financial instruments that best fit your needs. Products like BPI-Philam’s Dollar Protect Plus gives you the chance to invest in global funds while receiving coverage from a bundled life insurance plan. This allows you to grow your wealth as well as secure your future.
It’s also a good move to invest in yourself and improve your knowledge and health. Consider taking classes or attending seminars to further your skills and keep your mind active.
Similarly, before you turn 40, it is a good idea to invest in your health. Find a physical activity or exercise that you enjoy, so you’re more likely to keep doing it and stay healthy. If you have a habit like smoking, you might want to look for health insurance plans with wellness programs that further incentivize good lifestyle choices.
With this, you can work towards improving the quality of your life and receive additional perks like discounts on your premiums or gym memberships.
- Life insurance plan
As you approach your forties, it’s good to have a life insurance plan that is tailored to your needs. In case something was to happen to you, you know exactly what benefits your family is entitled to and that it is adequate for covering necessary expenses.
Regularly go over your plan and its benefits to make sure they still align with your priorities. It also helps to get in touch with your agent should you have any concerns or possible changes, so that they can offer solutions or different products that might be a better fit.