Leave a legacy of impact

A legacy is a lasting impression that remains after something has gone. The time, money and energy we spend investing throughout our entire lives in hobbies, work and relationships are what we will be remembered by long after we are gone. Although we cant choose what people will remember, leaving your family with solid financial investments is more than likely a legacy that won’t soon be forgotten. These investments can have life changing results that extend through generations. It is every parent’s dream for their children to have more than they had; more opportunities, more education, more success. The best way to ensure they do is by making good investments for the future, starting now.

An investment is something you do in the short term that aims to yield profitable results in the long-term. The reality is that not all financial investments are successful, but the trick is to recognize the difference. Good investments take thought, planning and patience. The value of what you put in should grow or at least remain stable over time. Bad investments will only depreciate in value over time. While they cannot be entirely avoided, they can be minimized.

Examples of bad investments:

  • Cars lose half of their value the minute you drive them off of the lot. Try a used model, getting from point A to be B should be your only concern.
  • Clothes should be bought to serve a basic purpose. The $300 designer sweater keeps you just as warm as the $30 sweater.
  • Food is consumed immediately for fuel and the more it costs has no relation to how full you will feel. That’s not to say you should buy unhealthy food because it is cheaper; watch what you eat as your body is an investment too

Examples of good investments:

  • Real estate is a financial asset so long as it is in steady or advancing locations. Renting, flipping and selling can also add up in profit over the years
  • Saving accounts are a way collect interest and help to help budget your money by setting aside a certain amount every month that wont be spent.
  • Mutual funds are way to collect interest at higher rates than savings accounts and diversify your investments, but be sure to consult a financial advisor about where/what to invest in.

When you don’t know the difference between a good investment and a bad investment it is easy to spend your money in the wrong places. At Fast Access  we offer tips and solutions to your everyday financial problems to help you get out of debt now, so you can start planning your next move. It’s never too late to learn how to make smarter investments that will pave the way for future success.