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Whether it’s buying your first home, getting a stable career, getting married, or having kids, there are lots of moments in life that spark that feeling of really becoming an adult.
One of the biggest steps that signifies that journey into adult life is beginning to save for your financial future and ensuring you generate enough money for a comfortable retirement. So, what are the best steps you can take to ensure you’re investing in your financial future?
The main way that people ensure they’ll be left with money once they retire is through saving, whether with a company pension scheme or a private savings account. This is easier said than done for a lot of people, but there are some easy ways to start saving even if you think you can’t afford to. One of the easiest ways to save is to set up a standing order of a small sum of money that will leave your account each month. If you set this to leave your account at the same time as your monthly bills and other outgoings, you’re less likely to notice the money being gone and will end up seeing it as just another outgoing.
Those who are more serious about generating financial stability later in life should think about investing their money. Amongst other types of investment like stocks or bonds, property investment is one of the most popular ways to boost your income and when done right, can help towards a more financially stable future. There are certain steps you should take to really get the most out of property investment. One of the most important things to do is research the best areas for your investment, with different cities and regions offering different opportunities in terms of rental yields, demand and capital growth. In the UK, the North West region has made a name for itself as a property investment hotspot, with Liverpool and Manchester offering some impressive rental yields for buy to let investors to take advantage of. The higher the rental yield, the more return on investment you’ll receive, and with companies like RW Invest offering investment opportunities in the North West with yields as high as 7 or 8%, whilst London has an overall average yield of 3.05%, those hoping to invest in their future should definitely think about these regional differences.
Once you’ve made a property investment, it’s important to keep on top of changes in the property market, especially if you’re considering investing in more than one buy to let property as a way to boost your finances further. In some cases, having a property portfolio can even help you generate enough extra income to retire early, leaving you with an attractive sum of money later in life. The UK has seen a high demand for property as of late, especially in cities like Manchester which has seen record numbers of London leavers moving to the city. You should also be sure to keep an eye on things such as regeneration and the overall economy of the city you’ve invested in, as this can signal the potential for capital appreciation over the years.