While living in the moment has its merits. planning out your key financial goals also has its advantages and will help secure an even better financial outlook to look forward to in the future.
1. Move when you’re single
When you’re young and single, you’ll have much more flexibility than if you are married, have children, or need to take care of your elderly parents. It is much easier to move around on an individual basis than to take your partner’s career into consideration, or scout the best schools for your children.
2. Buy low, sell high
The best time to buy stocks is when an economic downturn is taking place. You can keep it in flexible investments like GICs, that can be taken out at any time.
3. Buy dividend-paying stocks
According to The Motley Fool, stocks that pay dividends have historically outperformed other similar investments. They have less instability and pay out real cash.This effectively makes them easier to keep during rocky economic times.
4. Buy a home
Instead of paying rent monthly, invest in your own home if you can. When paying off a mortgage, a substantial amount of the monthly payment goes toward paying down your own loan each month, known as the principle. This increases your net worth by hundreds of dollars every month.