7 Important Financial Steps to Take Before You reach 40!

We all have certain goals we want to reach before we hit the big 4-0. This doesn’t mean we stop setting new goals for ourselves after 40, on the contrary, the more financially stable we are by that point the more we feel relaxed when we undertake new venture whether financial, work related, or even as simple as travel adventure we’ve been dying to go on.

Top Things to Do Before You Reach 40:

1- Consider Insurance Products

Before you reach 40 you need to start thinking ahead, contemplate the future and eliminate any worries you may have. Which is why you should take out Insurance policies against anything you worry about such as your life, car, or property.

Find out more about Insurance Policies here: What are the Types of Insurance Available in Egypt? 

2- Try Everything!

Utilize the available banking products at your disposal to aid you in financial stability. Open a Savings Account. Take out a Short-Term Loan to buy something you want. Apply for a Credit Card and take advantage of the perks and benefits provided by the issuing bank.

You can also save up using Certificates of deposit or Time Deposits. 

Apply now to your banking product of choice with Faydety!

There are many initiatives provided by the government that would allow you to own your home easily

3- Own Your Property!

There are many initiatives provided by the government that would allow you to own your home easily. How small the home is does not matter, it is still an important achievement to make. You can also buy a car or another transportation method that will help you save money on a daily basis.

4- Invest a Portion of Your paycheck

It’s very important that you don’t spend your entire salary each month. Take care to put aside a portion of your paycheck for investment purposes in something you’re interested in or even a small business venture that will pay revenue in the future. You can even simply place the money in a Savings Account.

5- Increase Your Income

Try to have more than one source of income whether through an entrepreneurial project or investments or even as an independent contractor. By doing this you’ll avoid being stressed about your income and you won’t always be waiting for the next promotion or salary increase.

6- Follow the Economy News

Every small change in the financial sector or the economy affects the prices of everything in our daily lives. Which is why you need to keep up with the current news to know the right time to invest and the prices of all your needs. We recommend you check the Central Bank of Egypt’s policies at least once a week as well as the Stock Market and currency rates.

Find out the current foreign currency rates with Faydety.

7- Save up for the adventure of your dreams

We all have this one place or experience we dream of like Sky Diving or going on a safari for example, but most of the time money constraints prevent us from fulfilling these dreams. If you start saving up now you’ll be able to go on the adventure of your dreams before 40.