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Securing your family’s financial future should be at the top of your list
of priorities. Making sure that you’re all provided for, for the rest of
your lives, means being sensible with your money now.
Saving up cash is one way to do it, but it can be difficult when you’re covering the costs
of running a household and providing for a family. If you want to see that money grow into a healthy sum
for the future, you need to invest it wisely. Here are a few suggestions for smart investments that are perfect for families.
Life Insurance
Life insurance is important for families because it gives you a safety net
in the event of a death of a primary earner. Not many people know that life insurance is a
smart investment, but financial planners always recommend it. Wholelifeinsurance.co has great information on using life insurance as an investment. The premiums
that are paid into your life insurance have a cash value and are tax
exempt so paying into a policy can cut your tax bill. But the main
investment benefit to a life insurance policy is that you can use it as
collateral for a loan. The more that you pay into your policy, the more you
can borrow against it later. You can use this as a great fall back option
if you ever find yourself in serious financial trouble.
Energy Stocks
Investing in energy stocks can be a risky business but energy stocks are a
fairly safe market for beginners. It’s true that they’ve been unpredictable
in the past but in recent years they’ve been growing steadily. Energy
prices are constantly on the rise so their stock is set to rise as well.
Before you decide to invest in stocks, speak to a professional and get some
advice to make sure that you don’t risk losing your hard earned savings.
Savings Accounts
The best, low risk investment strategy is a savings account. Putting your
money into a high interest account is a great way to watch it grow without
the risk of investing in stocks and shares. However, savings accounts
aren’t as completely safe as people often think that they are. Lots of
people often forget about the effects of inflation. If the interest rate on
your savings account is lower than the rate of inflation, your money will
actually lose value in real terms. You can avoid this as long as you keep
an eye on the rates and if inflation is outweighing your interest rate,
look around for different accounts with a better rate.
Thesimpledollar.com has a great guide to the best savings accounts out there right now. Moving
your savings regularly is the best way to make sure that your savings don’t
lose value.
Start A Small Business
These days it seems everyone has a side hustle. If you think that you’ve got good business sense and a great ideas as well as a bit of money behind
you, why not consider starting a small business? Being your own boss
means you’ll get more time to spend with the family and you can all pitch
in to help out. You don’t need to be a huge company to bring in enough
money to help secure your future.
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