A short fun guide on investing in life goals
This guide will cover:
- Building multiple income streams.
- Investing for retirement.
- Investing in your home.
- Investing in your kids’ education (even before you get married).
- Building an inheritance.
- Planning for a vacation.
- Growing an emergency fund.
- Setting up a Life Goal on Cowrywise.
“Don’t be satisfied with stories, how things have gone with others. Unfold your own myth.”- Jalāl ad-Dīn Muhammad Rūmī
In life, though opportunities are not evenly distributed in many instances, we are all required to beat out our own survival paths. Hence, you cannot settle for less because those around you seem to agree that it’s the best option for them. You have a duty to not only beat out a survival path but to beat out one that is laced with success.
Unsurprisingly, to achieve this feat money will play a very important role. Though money is important, it is just a means to various ends and not the end in itself. In this article, using our we’ll share workable tips for investing in life goals.
Build multiple income streams
One of the best money tips shared has to be this: “Build multiple income streams and invest the largest”. The best gift one can probably have is an extra income, but that itself requires you investing already existing cash towards establishing the side hustle, right? For that, we have a feature known as the business Life Goal plan. If you need further advice on how to build a side hustle while holding on to your day job, check this out.
Get the permanent baby boy (girl) life
The baby boy (girl) life is targeted at living a pampered life, particularly in retirement, and that doesn’t come cheap. To help with this, you can reach out to us for discussion on how much you’ll need for a blissful retirement and how to invest towards that with a life goal. In this guide, we answer the question of how much should you have in your retirement plan at every age range. Want to start right away, you can create a Retirement Life Goal on the app right away. Just follow this link.
A house you can call home
What does that even mean? There is a common saying that home is where the heart is, right? Hence, it is safe to say that a house that is not designed to suit your taste cannot win your heart over. This makes it imperative that you get a house that suits your desires. We can provide tailored advice on a flexible path towards building your home, just shoot us a message. Want to get started? Simply create a housing Life Goal plan here.
Set up your kids for greatness
When they come, they’re going to have dreams that will leave you awestruck! Dreams that will definitely not be cheap to fund, as they’ll require the best of education to spin them into realities. Don’t wait for them to shock you twice. End it at how they think, don’t let the shock extend to the availability of funds. Plan ahead with an education Life Goal plan today. Want to know how much universities will cost in the future? Check out this tool of ours.
Build an inheritance
Ever seen the news about billionaires committing to giving a large chunk of their wealth to charities? Leaves you in awe, right? Some of us do not even have enough to live the good life yet, let alone of leaving an inheritance or committing to give 80% of our wealth to charity. That story can change though.
With our family Life Goal plans, you can work towards building an inheritance for your kids. Remember, you do not need to be married to get started. You can start now with a certain percentage of your earnings. Another reason why you need to have multiple income streams. Get started today.
A simple guide:
- Determine how many children you want to have
- Invest a particular percentage in a family Life Goal plan for 10 to 15 years
- Use up to 50% to 70% of earnings to invest in properly researched real estate options
- Start the cycle again (maybe for 5 to 10 years this time)
Explore the hidden beauties of the world
“When all else fails, take a vacation.”
― Betty Williams
A vacation from time to time is probably one of the most important life goals. A well-planned vacation has the potential of clearing whatever worries exist (if you go on a vacation with the money that doesn’t lead your account to depression). Planning for a vacation, on the surface, might look easy but it isn’t. Here’s what to do:
- Have a sit-in with a travel advisor (we have partnerships with some brilliant travel advisors).
- Design a build-up plan for your preferred location.
- Pay gradually for a vacation with the Cowrywise Vacation Life Goal plan.
Grow an emergency fund
An emergency fund is not a one-off goal. It is a continuous one. Life plays a very funny game of hitting us with unpleasant surprises sometimes. With an emergency fund though you can beat life at its own game. Emergency funds come in handy when faced with job loss, health emergencies, natural disasters etc.
In this simple guide on emergency funds, we answered the following questions:
- How much should I have in my Emergency Fund?
- How do I set up my Emergency Fund?
“Unless commitment is made, there are only promises and hopes; but no plans.” ― Peter F. Drucker
How to save and invest for life goals
- Download the Cowrywise app and signup if you haven’t
- Verify your phone number and email (by tapping the link in the email we send to you
- Sign in
- Tap “Actions”
- Tap “Create A Savings Plan”
- Select the Life Goal you want and get started