Whether you are investing or spending always ask this question – “What are my essentials?” Lots of parents spend 30-40 lacs on lavish wedding of their children, just for social pressure or we buy so many cloths from e-commerce site because it gives thrill of having it now but then we struggle through life for basic things.
Whatever is your future need, write it and then find out how much you need to invest on a monthly basis and then DO IT . You may take the help of financial adviser. But most important is to know that you need to have some plan, it doesn't matter how basic but its better than not having it.
Availability of easy credit has made many of us addicted to loans and credit card offers. We take loan for some not so important purpose in life and caught in this trap. Greece is caught in similar traps by creditors like Goldman Sachs bank.
Most of the people take lots of personal loans, credit card loans, car loan etc. etc. for enjoying everything now without thinking about future mode of payment and they are not able to build anything in life. To some level this is ok, but when it’s beyond the limits – it will hinder you to take good enough start in your financial life.
Bad things happen in everybody's life and no one has real control on these events. What we can do is to save for bad days keeping in mind all phases in life.
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