Friday, July 12, 2024

Good Joseph: Top investments you must have by age 45

Good Joseph is a YouTuber who shares content on financial matters. He shares some of the top investments people should have by the age of 45 for a stress-free life.

Cash flow-generating asset: This is an investment that will generate regular income for you. It can include shares, real estate, money market funds, and businesses, among others.

According to Joseph, such investments provide constant cash flow, ensuring smooth shopping and enough funds for day-to-day needs.

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”As you grow old, you need a lot of liquid money and that’s why you need an asset that is generating cash.’’ he said.

”Some people go for retirement with just properties that do not generate cash, and that’s why you find most of them strugglling to pay for basic things such as a small medical bill,’’ he added.

Social, economic connection:  Joseph notes that by age 45, one needs to have a network of individuals who will help them get essential services with ease.

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This includes health practitioners, car dealers, lawyers, bankers, and financial advisors, among other professionals.

”As you grow old, you need to surround yourself with appropriate people. It would be weird when you have no one who can connect you in one way or the other,’’ he explains, noting that these individuals shouldn’t necessarily be your friends.

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Retirement plan: This is a plan for how your life after retirement will be. It includes where to get finances, where to live, and how to pay for essential services such as school fees and medical bills, among others.

Joseph notes that most people who retire without a sound retirement plan end up relying on financial support from their children, which sometimes doesn’t work.

Health investment plan: This is an insurance plan that ensures your health is taken care of in case of an emergency.

”Old age comes with a lot of health problems that’s why it’s important to have an insurance plan to avoid struggling with medical bills,’’ advised Joseph.

Combination of soft and hard assets: According to Joseph, soft assets are things that you can invest in online, such as company shares, bonds, etc., while hard assets are properties such as parcels of land, rental houses, and commercial properties, among others.

Financial literacy: This is knowledge of financial matters, including how to spend, budget, invest, and grow money smartly.

Businesses: He notes that this is something to keep you interacting with people to kill boredom.

”Having somewhere you can relax and interact with people gets you off a lot of stress and boredom,’’ he explained.

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