Today, young people who want to make investments in their future are faced with a confusing array of options to choose from. Along with thousands of different products and services to choose from when it comes to investing in your future, there are almost as many different firms offering them. Along with that, there’s also the big decisions to make when it comes to the type of investments to choose, for example, a savings plan, a house, or a college degree. Fortunately, the good news is that choosing the right kind of investment for you whilst you are young isn’t as difficult as it may at first seem. We’ve put together a list of the best investments for young people to make in their future.
#1. College Degree
When you are young, one of your biggest assets is your time. Therefore, if you’re not in a financial position to start making big investments in your future, one of the best ways that you can do this is by taking a college degree program. For example, studying for an AASCB online MBA at Northeastern University will allow you to gain a life-long qualification, which you can use to improve your career prospects and earn a better income, providing you with a better financial situation for making further investments in the future. If you’re worried about the financial side of investing in college, an online MBA degree could help you to save money, since online programs are usually priced at around one-third cheaper than traditional programs.
#2. Retirement Savings
When you are young, your retirement probably isn’t something that you’ve been giving much thought to. However, the earlier you can begin to save up for your retirement, the better. The sooner you start to put money away for this time, the more you will have to enjoy when you’re finally able to finish working. If you start to invest in your twenties, for example, then it’s likely that you’ll have over forty years to work with when it comes to accumulating savings and making returns. If you’re confused about the type of retirement plan to invest in, a simple savings plan could be the perfect option for you, or you might want to think about maximizing your income by investing in the stock market, for example.
If you are in a position where you are able to purchase a home, then investing in property could be an ideal option for you. Even if you will need to take out a mortgage to buy a home, purchasing your own place as early as possible in your life will mean that it will be paid off as soon as possible, allowing you to enjoy more financial freedom at an earlier time. Even a small property such as an apartment can be an excellent investment to make when you are young; you can save money by living in the property yourself or create a return on investment by letting it to tenants.
Did you invest as a young person? We’d love to hear from you in the comments.