Five Investments That Will Pay off in the Long Run

Five Investments That Will Pay off in the Long Run
Five Investments That Will Pay off in the Long Run

When it comes to investments, people think about the stock market and owning property. It’s true that these are popular investments, and it’s also true that they can pay off by providing you with a more secure financial future, but they aren’t the only investments you should be thinking about.

Investments often include money, but they also include your time, attention, and happiness. Here are five investments that will provide you with a firm foundation for a happy life in the future.

A. The Right Education

It all starts with the right education. Although it’s true that many successful people skip college, it’s also true that a college degree is still worth it for the rest of us. That’s because those with a college degree still earn more over a lifetime than those without one, on average.

However, just any college degree won’t cut it. There’s no use in spending tens of thousands of dollars on an education only to find out you don’t want to work in that field.

Don’t jump into a college major just because, and understand that education can go well beyond the college classroom. Community classes and online courses can be just as important to your future as a degree.

B. Landing the Right Job

With the right education, you have the opportunity to land the right job. That’s important because you don’t want to spend a full third of your life doing something you hate.

Landing the right job also means being open minded about potential opportunities. For example, LegalZoom always has open positions, and they have multiple locations. It might be worth it to pack your bags and move somewhere new for the right job opportunity.

In addition to thinking about the job itself, think about the kind of lifestyle you want your job to accommodate. A high-paying job may require more time in the office, while becoming a consultant may enable you to work fewer hours so you can spend more time with family.

No matter what it is that you want out of your job, thinking carefully about the job you take will ensure you don’t wake up dreading each day.

C. Savings

Before you pay anyone else, you should make an investment in yourself by putting money into savings. A single savings account is a good place to start, but you shouldn’t stop there. That’s because there are many reasons why you should save:

  • It can help you pay the bills if there’s an accident
  • It allows you to build a more stable financial future
  • You can save for an important purchase, like a car or a house

Having separate accounts can really help. That way, you aren’t tempted to blow your entire savings on a vacation, only to return to work and find out you’re being laid off.

D. Vacations

Investing goes hand-in-hand with money, and money goes hand-in-hand with work. However, making money and paying the bills sometimes means spending time away.

Everyone needs to spend time away from work. Carve time into your schedule and take a vacation, but be mindful of what exactly that means.

You can return to work relaxed and rejuvenated, but only if you concentrate on getting the most out of your time away. Avoid doing work while you’re on vacation, which includes not opening your email.

If you invest in time away, you will actually make yourself a better worker. By providing your life with more balance, you can avoid burnout, which is good for both you and your employer.

E. Retirement

No talk of investing in your future is complete without retirement. If you want to continue to live comfortably without the worry of working into your 70s and 80s, it’s important to know how to save for retirement.

Don’t put all your eggs in one basket. It’s better to diversify your retirement savings. That means:

  • Contribute to your 401(k) to max out your company match
  • Contribute to a Roth IRA or other savings plan
  • Consider a health savings account
  • Look for retirement savings credits, depending on your situation

Meeting with a financial planner is a great way to invest in your future. They can tell you exactly how much you’ll need to retire comfortably, how much you need to save to get there, and how long your money will last.

The most important investments are the ones that don’t pay off right away, but they pay off in the long run. With the tips on this list, you can invest in your future, so life only gets easier as the years fly by.