3 Sagacious Bits of Finacial Advice to Follow in 2022 & Beyond
Kicking off the new year, 2022, you may have been bombarded with financial advice as new year resolutions. There is no harm in setting up new year resolutions and making your economic life the top priority. However, what is problematic is social media influencers reshaping the resolutions of their followers with their personal opinions.
That is why it is pertinent to ask yourself: “Well, this makes sense, but why would I follow this financial advice?” Once you ask yourself this “why,” the advice will become clearer to you. As you read on this blog, keep your “why” in mind and evaluate which of the three sagacious bits of financial advice is more appealing to you. With every financial advice, you should seek your “why” and try to implement it in your life.
Save Early and Spend a Life With Dignity in Your Later Life
It is not unheard of that money is one of the inevitable aspects of our lives. You just can not survive without decent cash in your bank account. This becomes more vivid and clearer as you grow old. If you have a proper retirement plan in place – right from the beginning – you will live a life of dignity and rigor as you age.
You lack the power and enthusiasm to earn the required money as you grow old. This is where your early savings come into play. These early savings will allow you to have a peaceful life. Ultimately, you can spend the later phase of your life with dignity.
2. Just Saving is as Important as Saving for Retirement
Many people save money only for the sake of retirement. They have this mindset of “peaceful post-retirement life.” However, it is a good idea to save for retirement. But just saving is as equally important as it is for retirement.
Since life is full of uncertainties, you never know where the next phase of your life takes you. The COVID-19 pandemic is a prime example of it. Families that had less or no savings went through hazardous financial crises throughout the pandemic. On the other hand, the ones who had good financial plans survived the pandemic with efficacy.
That is why, one needs to understand the inevitability of saving. Whether it is for post-retirement life or “just saving,” the importance of saving is in the same parallel.
3. Don’t be Predictably Irrational and Blind Investor
As investment is one of the top trends of finance, investors plunge into investment blindly. In other words, they invest just for the sake of investment; because everyone is doing it. This is what Dan Ariely calls Predictably Irrational. According to the bestselling author, Dan, a predictably irrational person is someone who invests his money without having preset goals and a turnaround mindset.
Just because investment works for Larry Ellison or Warren Buffet, doesn’t mean it will work for you too. So, a bit of sagacious financial advice from Dan Ariely is that do not be your own enemy by being blind and irrational towards your money. Rather, have clearly set objectives in mind before you put your money into real estate or any other investment.
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