Creating and maintaining wealth needs a
It is important to prepare for major financial decisions since most life events will have a direct impact on your finances.
Whether you are getting married, buying your first house or starting a new job, you will be worried about how this will affect your finances.
As you approach each of these major life events, it is important to consider the financial consequences of each decision.
Below are some hard choices and important decisions you have to make about your life to succeed financially:
What career you follow
We all want wealth, but how do we achieve it? It starts with a successful career that relies on your skills and talents. Your career is the engine of your wealth. The more you earn, the easier things should be financially.
You have a very important financial asset that many people tend to overlook: you.
You will most likely increase your human capital through studying further or getting a promotion.
This will show itself in the form of an increase in your income. ●
Whether you marry the right person
People who say they are experiencing stress in their relationship mention finances as the number one reason.
Disclosing your financial situation to your partner before getting married is necessary, regardless of how uncomfortable it may be.
This is the time to mention debts, loans, income sources, investments or other financial assets or obligations.
They say the fastest way to lose your wealth is to get a divorce, and a slower way is to marry someone with bad financial habits.
One way to waste a
The cost of your house
handsome salary: buy a house you cannot afford. If there is one number that drives your financial life, it is your fixed living expenses.
We are talking about regularly recurring expenses that are unavoidable when you own a house, such as bond payments, water and electricity costs, renovations and home insurance. The lower your fixed living costs relative to your income, the easier it is to save.
‘‘ If you are young, time is one of your best friends
Whether you have children or not
Raising a child is not cheap