5 Biggest Financial Mistakes of Life you can Aviod
Here we’ll take a look at some of the most common financial mistakes that often lead people to major economic hardship. Even if you’re already facing financial difficulties, steering clear of these mistakes could be the key to survival.
- Ignoring Inflation
Assuming inflation is at 7%, Rs. 1 Lakh of today will be worth Rs, 13,000 after 30 Years, This means the things will get costlier and you will be able to purchase less with same money. You need to plan your investment in such a manner that you can beat.
- Not Understanding the Power of Compounding.
We Keep delaying our investments thinking that it won’t affect us very much, This is a costly mistake, compounding grows your money much more as you earn further interest on your interest.
- Not Starting a SIP
SIP’s are the simple ways to build bigger wealth , SIP is the most disciplined Approach to Investments, Investing on a pre set date every month, makes you to set aside fixed sum of money to invest. This small investment will create big kitty over a time.
In SIP you always No Need to Time the Market, the longer you stay in the market, better your investment return. As they say Time in the market is more important than timing the market.
- Not Buying a Term Insurance
Most financial planners will recommend you to buy a term insurance policy. Their logic is simple,
To protect your family from Financial Crisis, one should always build a comprehensive portfolio where he can avoid any financial loss which is caused because of any unforeseen event.
Term insurance helps you solve a much bigger risk: risk of death. An unpaid loan, your plan to send the kids to college, financial security for your parents or your spouse. Even if you’re not around, your family will have financial support
- Not Buying a Health Insurance Policy
A sudden hospitalization can wipe out your savings in single blow, Medical inflation is rising faster than general inflation at 15%. Advanced technology and super specialty hospitals have also made medical care expensive like never before, while costs have been rising steadily, health covers can be in adequate.
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