Becoming healthy, wealthy and wise may be the ultimate trifecta — but it doesn't happen overnight. It will take a little work to get there.
The first step is to consider what your goals are for your money, your career and the kind of lifestyle you want. From there, investing in you and being both healthy and educated can help you reach your financial goals.
1. Expand Your Skill Set with Education
In a competitive job market, the right skills can pay the bills. Regardless of where you are on your career path, developing your skill set is something to keep firmly in sight. Specifically, consider which skills you can improve and which new ones you'd like to learn that might increase your earning potential.
Continuing your education beyond college and fine-tuning your skills can make you more valuable on the job. For example, you might pick up a new skill such as coding or graphic design that could help you land a promotion or raise. Or you could turn that skill into a side-hustle or a full-fledged business.
When more money is flowing in, it may become easier to buy a home, save for retirement, pay off the last of your student loans, or achieve other financial goals you've set your sights on.
2. Take Staying Healthy Seriously
Staying active and maintaining a healthy lifestyle can benefit your waistline, but it can also be good for your bottom line. For example, if you're in good health, you may get sick less often, which means fewer visits to the doctor and less money out-of-pocket for health care.
Good health can also work in your favour when it comes to getting life insurance coverage. Life insurance premiums are directly tied to your age and overall health. If you're managing your weight and enjoying an active lifestyle, then you'll likely pay less for life insurance than someone who's less active.
Bottom line? There's a dual financial benefit to staying healthy. By paying less out-of-pocket for insurance, you'll have more money to fund your financial goals.
3. Invest for a Financially Secure Future
The final piece of the puzzle involves investing for your future — what you do with your money and where you decide to keep it. There are many ways to put your money to work for you. For example, you could:
- Keep it in a high-yield savings account or money market account.
- Open multiple Guaranteed Investment Certificates (GICs) and build a savings ladder by reinvesting your returns when your GICs mature.
- Add money to a Registered Retirement Savings Plan (RRSP) (article: What is an RRSP?) and Tax-Free Savings Account (TFSA) (article: What is a TFSA?) .
- Invest in a taxable non-registered account.
Some of these options may require an additional decision-making step. In an RRSP, TFSA or non-registered account, for instance, you'll have to choose which type of investments you'd like to buy, such as mutual funds, stocks or exchange-traded funds (ETFs).
But diversifying where you keep your money may help manage risk and encourage growth. The good news is it doesn't take a large amount of money to start investing. With RBC InvestEase, for example, you can start investing in a low-cost portfolio of ETFs with any amount that is right for you.
And if you're saving money by staying healthy and using some newly acquired skills to boost your income, you could end up ahead of the game financially.
If you're ready to get on the path to investing, see how RBC InvestEase can help you reach your financial goals.