Every day living demands that one make some sets of decisions that determines one’s financial future.
Financial decisions determine one’s financial destiny. It is necessary to know what sets of decisions not to take in order not to fall victim of wrong financial decisions.
Indulging in the habit of spending all your earnings and failing to set aside part of your earnings is a financial decision that will make one regret. Eating with all ten fingers has made many helpless especially when they need money urgently.
Selling assets such as land to buy a car because will be a decision to regret as it will amount to being penny wise and pound foolish because a car can not appreciate but depreciate with time.
Letting go of opportunity to either invest or to or to do a business because of fear of loosing money is something one will regret in the long run especially when another person takes the chance and it turned out to be a huge success. After all life is all about risk taking and you will risk loosing everything if you risk nothing.
Thinking you are too young to make financial decisions and waiting until you are “old enough” to do so is something you will blame yourself for when you realise that time is gone and the time you think you should wait for is right before you.
Quitting school for social life and fame is a decision to regret. Most young chaps may think that becoming a star while they are involved in their academic pursuit is a good reason to quit schooling as most may reason that ” why do I need to complete my education? After all am in it to make money and am already making the money now”. It is however wise to note that stardom in this part of the world rarely last a long time.
Failing to set priorities in life especially as it relates to one’s finances is something one will regret later on. It is important to set priority on what to spend your money on in the order of needs to wants.
Failing to plan for retirement because you think you have all the time is another mistaken decision as you will realize that retirement is just by the corner.
Neglecting to draft a will or update your will as the case may be is a decision many people fail to make that will make the entire family bite their fingers should things go wrong. This crucial decision is something people fail to make because they don’t want to think of death. This however will save you and your family pains and troubles. If you have no will make one and if you to you need to make some modifications to suit your current conviction as the case may be go ahead to do so.
Hope Ikwe Dosunmu
