Each chapter of our lives is defined by needs and circumstances. We need access to the right financial resources for us at each stage of our lives.
A pension plan for retirement, a savings account for our children’s studies, a mortgage to own a home: There are a number of financial tools to help you achieve your goals. Let’s look at some examples.
Saving is an objective we have throughout life, particularly when we first join the job market. It is the best time to start building up a “nest egg”, and we have the world of finance at our disposal with a range of savings and investment instruments such as current accounts, savings accounts, investment funds, management portfolios and the purchase of shares.
Financial products available to students include loans, grants, credit and debit cards, and bank accounts with special benefits.
When we have reached a certain amount of savings, the most common thing to do is to buy a home. We can take out a mortgage, a financial instrument from a bank to receive a specific amount of money to purchase a property which we pay back over a settled period of time.
There are many products to grow investments using other methods, such as investment funds, shares and fixed-income funds.
To provide for our retirement, one of our options is a pension plan. It is like a ‘piggy bank’ where we regularly deposit a specific amount of our income to save money for when we retire.
This product can make our money work for us. But how can we increase our pension plan’s benefits? Our contributions to pension plans are invested in other profitable instruments prearranged with our savings manager. When we finally decide to break the ‘piggy bank’ open, we will find the money we deposited and the money it’s made.