What do people know about finance and wealth management? You will be surprised if you ask the general public what they are planning for future. You yourself might not get the answer you want from them. Maybe we are living in the sheep follow sheep mentality. After all, conformity is a powerful nature of being a human.
1. Your house has to belong to you
Of course, it is more expensive to own a house. But in the long-term, you must know that it is more effective in terms of cost. Renting is like showering money down the toilet drain. There are exceptions where you are the master over your landlord. Still, do not get tempted to mortgage a loan for a house, unless you are sure you could handle it for at least a few years. But owning your own home is the way to go.
2. What is insurance? How about broad insurance?
Many people are not aware of the many types of insurance. Broad insurance protects you from financial disasters. You are advised to research on this topic thoroughly for your personal needs.
3. Even when you are in a marriage, plan
Time affect goals. You have to understand the monetary habits of your spouse. The key is compromising and great management as a couple. Some people even say marriage is all about the money.
4. If you can read the future, you are financially safe
This advocates living below or within your own means. If you could see things coming at you, you can be better prepared to handle finance and emotions. In life, things can be unpredictable. When you have the power to foresee these changes, you are in control.