Find below Top 5 best financial decisions to take in life
- Start Investing Early
Building an investment portfolio can help you to realize your long-term financial goals; a nest egg for your retirement, repaying a mortgage early or paying for university fees for your children. While a savings account can offer easy access and security of guaranteed capital, returns can be modest; therefore investing in the stock market can provide stronger returns over the long-term albeit at a higher level of risk.2. Buy a House
The Advantages Of Buying A Home
- Greater privacy.
- Homes typically increase in value, build equity and provide a nest egg for the future.
- Your costs are predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage.
- The interest and property tax portion of your mortgage payment is a tax deduction.
- There’s pride in homeownership, which also closely ties you to your community.
3. Buy an Insurance
In current times of high medical inflation rates, failing to hold an adequate amount of health insurance cover can prove to be a major personal finance disaster.
4. Marry the Right Partner
However, marriage offers real financial benefits for many older people. Just saying “I do” should enable you to keep potentially hundreds of thousands of pounds from the taxman’s clutches.
5. Live Modestly
As media has shown us, the rich don’t necessarily live happier than the poor. I like to think of it like this. “Someone who’s rich might not live happily, but someone who’s poor definitely won’t live happily.” Hence, it is wise to live an in between, modest lifestyle; neither as an ascetic nor a materialistic person. Besides the obvious monetary benefits of living modestly (saving money), there are numerous psychological benefits.