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Nowadays, even big companies like Amazon, Google, Microsoft, Apple are relocating many employees in one go. On top of that, inflation is skyrocketing and people who have to run their entire families on a single salary are in trouble. Despite getting a good salary, at the end of the month the account becomes zero, the pocket is empty… this situation has now become the story of every other household. But there are some bad habits of ours which silently eat away all our earnings. Chartered Accountant Nitin Kaushik and Forum Naik Sheth have told some mistakes on social media which you should not make.
Financial Mistakes: Amazon, Google, Microsoft, Apple, and many big companies have recently laid off thousands of employees from their companies. In such an environment, the fear of losing job remains in everyone’s heart. There are many employees who manage their entire family just by earning their own money. Running an entire household with a single salary has now become very risky. Many people’s salary gets exhausted just because of household expenses. If you also have a good salary, yet your pocket becomes empty at the end of the month, then the fault is not yours but some of your bad habits.
Chartered Accountant Nitin Kaushik and Forum Naik Sheth told in social media and interview that most of the Indians keep making 9 such mistakes which eat away all their earnings. These mistakes are so common that we don’t even notice them and one day we find that the dream of becoming rich remains a dream. Let us know about those 9 mistakes one by one.
Say goodbye to this mistake..
The first and biggest mistake people make is considering insurance as an investment. By taking an endowment plan or a whole life policy, you will make money and also get security. According to CA, they neither give good returns nor good security. It is better to take a cheap pure term insurance which gives a cover of Rs 50 lakh to Rs 2 crore for Rs 500-1000 per month and invest the remaining money in mutual funds. That money multiplies in ten-twenty years.
The second mistake is to co-sign the loan of a friend or relative. You think that it is your friend or relative so you say yes, but if they are not able to pay the installment then your CIBIL score gets spoiled and your loan becomes expensive in the future. Therefore, you should do thorough investigation before signing any paper.
Protect yourself from lifestyle inflation
9 Money Mistakes That Quietly Drain Your Wealth — No Matter How Much You Earn
We don’t lose wealth overnight.
We lose it slowly — one “it’s okay, just this once” decision at a time.
