There are some financial decisions which will keep you in regret for ever. These decisions can keep you poor for very long periods of time – sometimes forever. Let us look at them:
- Living beyond your means: like you are on a treadmill without an off button. Every month is a struggle to pay off all the bills, loans from friends, relatives, spouse – if you are living beyond your means, who is paying the difference? how will you come out of this mess once and for all?
- Borrowing from PPF and/ or your own Provident fund.
- Buying an expensive ULIP for a long period – say 20 years – and continuing to pay it for a long time!
- Delaying investments for long term goal.
- Bankrolling your children’s expensive education – in India and abroad.
- Paying the minimum on credit cards…while CONTINUING TO USE the same card
- Passing on professional advice thinking you will DIY
- Refusing to understand how to read the labels while buying products – including financial products
- Avoiding Equities – thinking it is too risky!!
- Dealing in equities with zero level of preparations
- Not completing good education – Bill Gates was different please –
- Buying a time share. Even worse? buying a time share from the issuing company – look at the resale value..
- Falling for Nigerian schemes – and falling more than once!!
- Co-signing for a financially irresponsible person
- Actively refusing to understand money lessons…
Well surely there have to be more….will people add in the comments column? I myself can think of a few more…
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