First Big Job? Financial Investments You Should Consider

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If you have just landed your first serious job after college or have been promoted into your first well paid role, chances are you are thrilled to suddenly have a good income to play with. While there are always things like rent to pay and probably, if you have been at college or waiting for this break for some time, some debts to pay off, now is also a good time to start thinking about your long term finances. It may sound boring, but beginning to manage your money prudently at this stage in your life will keep you on a good footing for your whole future, so it is certainly worth at least examining your choices when it comes to savings, investments and insurance.

Here are three areas where you would do well to begin putting your new money:

Savings

The reasons to save are obvious, however in today’s uncertain financial and employment market it is even more important to keep by some of what you earn to use either when times aren’t so rosy or when you want to make a major purchase, like a house or a car without incurring a crippling amount of debt. However, the secret to a good saving strategy is not just to have a set amount you keep by each month, but to make sure you put it somewhere where it can really work for you. High interest savings accounts can make a huge difference compared with just leaving the money you want to save in your checking account without touching it, and there are plenty of good deals on the market as people are being encouraged to put money aside for the future. Check out what your own bank has to offer and also look at some financial comparison sites to find a good savings account whose terms work for you.

Investments

Investments, like savings, will stand you in good stead for the future however there is also an element of gambling involved – you can actually make a lot of profit if the things you choose to invest in appreciate. While the stock market and Forex are the most obvious places to invest your money, there are also some other forms of investment that may appeal to you more. You could invest in a friend’s business for a share of equity if you know someone who is starting up a project you believe in, or you can even invest in items you believe will appreciate in value – these can be anything from antiques, art and jewelry to classic cars!

Insurance

While you may feel like life insurance isn’t going to be something you need to worry about for some time, having just started your first job, the earlier you begin the better a deal you will get. This will help you out a lot in the long term if you anticipate eventually being in a situation where insurance of this kind will be a priority (i.e. having a family). You should also consider whether the insurance you have for your home and contents is adequate in your new circumstances – while many students or junior workers may not bother with home contents insurance, chances are you will now start to own things you will want to protect.

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Benjamin Mark, the author of this post, works for a successful life insurance agency and is a keen blogger. He enjoys writing articles and sharing his views and opinions about various insurance policies with his readers.

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This article was submitted by a guest blogger.  Guest blogging provides an avenue to share a variety of different points of view with a broad audience.  It is a good way to share cumulative knowledge as well as introducing readers to a new author.  Learn more about how to become a contributor for Riches Corner.

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