Sometimes unknown expenses hit us, and managing them becomes tough if we haven’t prepared for the same. Even experts find it challenging to manage such expenses. By avoiding some financial mistakes may help us to manage them better, which are illustrated below:
CHILD'S HIGHER EDUCATION
Anyone wants to give his children the best in life, even the best education, which may not be at a considerable cost. While selecting the universities for higher education, one has to check and explore the availability of scholarships and other financial aids. Not only tuition fees but also the cost of hostel or living may leave a big hole in your overall finances and force you to take an education loan. If the child can take up a part-time job to partly fund his education expenses, it would be better.
RETIREMENT PLANNING
The most avoided and overlooked aspect among individuals is retirement planning, which can be disastrous for him and his family. If one is failing to plan, he is planning to fail. One has to save a minimum of 15-20% of his monthly income and invest all salary increments or bonuses into his retirement kitty, with proper asset allocation, diversification, and periodical rebalancing.
Have a backup plan, be patient and wise while investing hard-earned money.
By Team Wealth ATM
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