By Kishori Sud02 Nov 2018, 14:44 IST
We all make mistakes in life and we learn something out of it.
Are we actually learning from financial mistakes that we made in the past?
It is time to get up and take some corrective actions.
1. The foremost financial mistake that we make is when we do not participate and take interest in our family's investments. Not knowing where our fathers and husbands have invested and taking insurances from. Due to which we have to run from pillar to post at a later stage of life.
2. The Second mistake that we make is that we keep our money lying idle in our bank accounts at 3.5 to 4 % interest rate. Are you guilty of doing that? I know a lot of friends who are and they o not invest just because they do not know what to do and where to invest.
3. The third financial mistake we make is when we delay in tax planning decisions till the last moment instead of doing it early in the year, we do it at the end when the pressure is on our head. This is when we take certain wrong decisions and invest in wrong products.
4. The fourth financial mistake that we make is we start retirement planning at a very later stage in life. At the age of 25 or 30, we do not think about retirement thinking it is too far. At the age of 45, it is too late to plan your retirement. The money does not get the adequate time to compound and we don't get our desired retirement kitty.
5. The fifth mistake that we make is we don't buy health insurance for us at an early stage in life, thinking that we are hale and hearty and we may not require it. But at the later stage when we actually want it, we may not get the desired cover through desired insurance,