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Using a hypothetical endowment of $100,000 to $200,000, this article lays forth a strategy for investing the money. The proposal will have participants participate in publicly listed securities for various RRSPs, 529 plans, and RETSAs (Nuryana, 2022). Investing for the medium to long term, with a time horizon of five to fifteen years, is a close second. Insurance and savings programs designed specifically for long-term investments, such as a child’s college tuition, may relieve parents of managing the money themselves. I use these four investing objectives as a framework for developing my investment strategy and investment plan.
All the above information pertains to my possible investing strategy and goals for the time frame mentioned. The first strategy lays out the initial targets for these financial endeavors. The first objective is to amass funds for a vehicle down payment. I had been hoping to buy a vehicle for a very long time. So, this is the first thing I will do with my inheritance. I plan on getting a driver’s license and taxi license, creating a fixed deposit account, purchasing US savings bonds, and investing in FDIC-insured money markets to help me reach my goal.
This is the next logical step now that I’ve completed the first. It is where I establish my secondary objectives for financial strategy. Second, we want to put away money for future research and investment. I would want to continue my education beyond the level I am at now. Hence, I must make a solid financial commitment to this objective and formulate a solid strategy to achieve it. I anticipate spending a significant effort researching potential professions and schools, gathering financial support for my schooling and future endeavors, making initial investments, developing a business strategy, and doing market research.
In this third step, I will go through the process of defining the third purpose of the investment. The third objective is to set aside money to pay for life and property insurance. I aim to get into a contract with an insurance company that will have them pay me a certain quantity of money either upon my passing away or after a predetermined amount of time has passed (Idris & Paulus, 2020). It is possible that this arrangement will be made after I reach the required age or after I die. If my property is damaged due to an insured peril like fire or theft, I can file a claim with my homeowner’s insurance company for compensation. This bundle will come complete with automobile insurance as well as medical coverage.
I will be able to accomplish the fourth goal of my investment plan with the help of my fourth method. The planning process will, at long last, arrive at its conclusion now that this stage has been carried out successfully. The accumulation of assets that can be used during retirement comes at number four on the list of priorities. This will include assets in trusts, certificates of deposit, equities, and real estate, amongst other possible investment vehicles, as well as the many other available investment opportunities. If I follow these planning steps, which will steer me through the procedure, I will be able to put my inheritance to good use by investing it appropriately (Nathanson et al., 2021). This will guide me through the process.
References
Idris, M., & Paulus, D. H. (2020). Sharia life insurance: Legal basis and operational systems. Jurnal Hukum Prasada, 7(1), 45-52. Web.
Nathanson, M. J., Craig, J. T., Geoghegan, J. A., Lee, N. G., Haber, M. A., Haspel, M. B.,… & Stelljes, S. R. (2021). Investment Planning in Five Steps. In Personal Financial Planning for Executives and Entrepreneurs (pp. 91-106). Palgrave Macmillan, Cham. Web.
Nuryana, I. (2022). Assessment Of Investment Strategy With A Utility-Based Approach. International Journal of Science, Technology & Management, 3(2), 349-356. Web.
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