POSTED BY January 18, 2013 COMMENTS (60)ON
Do you make a choice or take decisions in your financial life ? A lot of people have not taken lots of important actions in their financial life, which they should have taken long back!. You have to understand that you are making a choice by not taking those actions. When you take some action or do not take an action, deep down you are actually making a choice in your financial life, which we will see now.
Let me give you some examples
Most of the people who take the decision of buying endowment and moneyback insurance policies , they say that they are buying it because they trust the company and want safe returns. Now that’s their decision, however they have to be understand that deep down they are making some choices which are unspoken …
“I don’t think I will die” or “It does not give back money at the end” – this is the general reasoning behind not taking a term insurance plan by many people. Now, again, it’s their decision based on their belief, but deep down they are making some choices which are
“I will take is next month” and “I drive carefully and I am healthy , so I don’t need it” are the top most reasons given by those who avoid taking health insurance. Again, they feel it’s a right decision and I am not commenting if it’s right or wrong, but surely they are choosing few things in their life and for their family …
It’s a decision taken by almost all of us. “We are still young”, “I will do it once my net-worth is at least 1 crore” etc., are the common reasons behind not making a WILL. However deep down you are making few choices and you have to accept them …
“I can do it myself, I was a bright student all my life”, “They charge a lot for what they do”, are some of the reasons given by investors for not hiring a financial planner for themselves. It’s their decision based on their beliefs, but deep down you are making some choices …
“Life happens NOW”, “If I don’t spend, whats the point of earning well”, “I will earn more in future, let me enjoy today” – These are the top most things you will hear people saying who over spend (more than they should). One can comment easily if it’s right or wrong, but let’s not get into it, it’s their decision and there is nothing wrong in it, just that these people need to understand the choices they are making without realizing them
At the end of the day, you always choose something in your life out of the decision you make. This is true for all the aspects of life, including your financial life. So understand that you are fully responsible for what you get.
Can you share your story in short and share what choices have you made in your financial life ?
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