We’re all looking for the best investments that we can make. While I can’t tell you what the next hot stock will be, I can give you some unconventional investment ideas that you may not have thought of before. Since I don’t know you from a hot rock, I can’t give you specific investment advice. I simply want to give you a few ideas and strategies to consider.
In this episode of Money Mile, I’ll break up my suggestions into age categories with a universally sound idea at the end. Come share a mile with me, and listen in to discover a few unconventional investments to help you live a better life and take one step closer to financial independence.
You will want to hear this episode if you are interested in…
- The best investment for those under 35 [2:12]
- The best investment for those between 35-60 [4:40]
- The best investment for those who are 60+ [6:38]
- The best universal investment [9:20]
- Your homework [10:16]
Invest in yourself
For those of you listening that are under 35, one of the best things you can invest in is yourself. Increasing your income capacity is one of the best ways to build your wealth. By adding another degree, earning a specialty certificate, or even working with a mentor, you can grow your skills and earn more to improve your quality of life over your lifetime. Check out this spreadsheet demonstrating how your earnings could change by seeking additional training.
Increase your flexibility
If you are between the ages of 35 and 60, now is a great time to increase your financial flexibility. While stretching and yoga are fantastic ways to increase your body’s flexibility, a taxable investment account can offer you the growth of other investments with the option to move the money any way that you choose. Even though a taxable investment account is less tax efficient than a 401K or Roth IRA, it is significantly more flexible.
After you have maxed out your employer-sponsored retirement plan and your Roth IRA, investing in a taxable account is a great way to set up a plan b. So instead of blowing your money on the latest, hottest superbike, investing in a brokerage account can be a great way to set aside a rainy day fund to ensure that you have the flexibility to make the best choices.
Invest in experiences
If you are over 60, you are closer to the finish line than the starting line. At this point in life, you have probably realized that another fancy car or a bigger house won’t necessarily increase your quality of life.
Instead, sharing experiences with friends and loved ones is a great way to increase your quality of life no matter how much time you have.
As you get closer to stepping away from your career, it is common for changes to happen on timelines that you didn’t design. If a career change is thrust upon you at 62 instead of 65 like you planned, having some extra cash, a money market account, or short-term, high-quality bonds could be very beneficial to help you bridge the gap.
A financial coach can help
Similarly to the way a triathlon coach can help you understand where to put your energy to improve your races, a financial coach can help you understand if you are on the right track with your financial goals. They can help you see options and opportunities that you may never have thought of before.
If you are looking for a financial coach or financial planner, I suggest the XY Planning Network, National Association of Personal Financial Advisors, or The Garrett Network.
Resources & People Mentioned
Connect With Justin Waller
- https://WallerFC.com
- Waller Financial Coaching on Facebook
- Justin on Instagram
- Justin on LinkedIn
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Audio Production and Show Notes by – PODCAST FAST TRACK
