Life is full of financial decisions, some complex, some simple, but all with the potential to make a real impact on your life. Today we’d like to focus on some financial choices you’re likely to regret in 10 years, if you don’t do something about them now. We’d like to save you from the pain and the heartache that occurs when people make these decisions.  Put these on your not-to-do list. You’ll be grateful you did.

Buying a Financial Product Without Doing Your Homework

Doing your own due diligence, research and getting yourself educated is key so be smart and spend the time getting to know the numbers.

Neglecting Your Emergency Fund

We always advise my clients to have a buffer, or an emergency fund to protect you from the inevitable – a safety net, if you will.  You will possibly have a financial set back at some point, whether it be redundancy, an illness, an accident or something else.  It could be for a couple of hundred or maybe thousands so plan for the unexpected and always top up your emergency fund, as soon as you can… if you do need to spend it.

Buying a New Vehicle When You Can’t Afford It

Vehicles are important for many people, but they can also become a discretionary black hole. If you are planning on buying or perhaps leasing when you know you don’t have the money, you may want to reconsider.

The ramifications of a car payment well exceeds the financial hit of the price of the car, and you can end up spending your retirement without quite realising it.

Ignoring Your Insurance Options

If you were to die right now, would your family be financially OK?  Apologies for being so direct but we find it’s one of the things that usually people mean to get to, but don’t.  Bit like a will.

Insurance protects you and your family from financial liability you wouldn’t be able to cover with your emergency fund alone. Don’t neglect it.

If you would like to learn more: