Over the years many a people has been in an economic subversive situation just because they have little or no knowledge of what is called FINANCIAL SECURITY.
Financial security thus means having enough money saved up to settle future financial goals and unforeseen emergencies. Security can be tradable financial asset of any sort
Financial securities can be broadly divided into
•Debt securities eg Bonds, debentures etc
•Equities securities eg common stock
•Derivatives eg Forwards, futures, swaps etc
There are diverse means of securing your future financially. Securing yourself financially is not an immediate action, it's a gradual process which you should start now.
Here are ways you can secure the future:-
•Investment: Overtime, investing has been the best way of securing the future. Primarily, you can invest in any of the categories of financial securities listed above. Education can also be a form of security.
•Protect yourself:
Health insurance is more of a necessity, you should get one. An accident or a serious sickness can cost you some fortune in medical bills. You can also insure you family's life.
•Plan and stay on budget:
Planning a budget may not really be a big deal but staying on it seem so hard for some individuals. Staying on budget may not be possible if the budget is not realistic enough. Plan what you spend your income on monthly, save whatever you have left.
•Save: overspending or living beyond your income can be parasitic on your future because some debts will be incurred. Why not cut the unnecessaries off your budget and save? Plan and buy the needful and make good use of discount products. Spend wisely today to give you and your family a bigger tomorrow.
•Have other source of income:
Creating another source of income is another good way of securing the future, because savings can be made out of it
•Early retirement plan:
Many workers work so hard, aiming at the peak in their various careers but forget to make plans for retirement until it's few years away. Your retirement is what you should start planning for even in your 20s.