There are many unwise choices to be made when it comes to retirement savings, and risks that shouldn’t be taken. The problem is that we live in financially unstable times, times in which people are making investments they normally wouldn’t out of fear for security, but there are other options. 9 Year Mortgage has some tips about areas that are not to good invest or spend your money in:
1. Do not finance your child’s college education with your retirement savings.
There are many other ways that your child can afford to attend school. Always exhaust all the options before even considering your retirement savings. There are grants, loans through the government, school loans, scholarships and much more if you do the research and talk with the financial aid department of their potential school of interest.
2. Do not make risky choices off the small chance you might make money
Many people who have fear of the always changing stock market have become compelled to chase after risky asset classes.It is important to remember that during the times of the most instability, a long term outlook and an investment strategy are the best course of action.
3. Never invest your money without an analyzed plan
When money is scarce, its probably not a good idea to loan money to friends or to family (its always best to assume this money will not be seen again). Shakespeare`s words from Hamlet ring true about finances today, “Neither a borrower nor a lender be, for loan oft loses both itself and friend”. You may not only lose money by lending to family and or friends but a relationship too.
4. Do not save an inheritance for your kids
Your children are not entitled to an inheritance. As much as you love your children, they will make due just like you did throughout their lives without your financial support. Remember that it is not selfish to be looking after your retirement, it will be needed sooner then any of us realize. Now lets say that an inheritance is received from an aunt uncle or grandparent into your hands at some point, what then do you do with this money? It is best advice to put that money into jointly held property that will then become part of the estate if anything happens to you or your significant other, or it can become a marital asset in the case of divorce.
5. Never believe the markets gimmicks of ‘buy and hold’
Age has indefinitely become the driving factor of who invests in the market and how much they can risk. The younger someone is, the more risk factor that is involved. But remember that you can lose money regardless of age, and in this market, nobody can afford that risk. If you are going to invest in the stock market, just be aware of the ‘buy hold status’ and make wise decisions knowing how much money you can afford to lose before you begin gambling it away.
Wrapping it up with 9 Year Mortgage
Overall, just be smart about where your money is going or staying. If you want to make a risky decision take time to financially analyze how the loss could affect you before choosing that route. These are financially unstable times, but there is no reason to fear. Remember you are in control of your finances, don’t let them control you.
Will The 9 Year Mortgage Plan Work For Me?
To learn more about 9 Year Mortgage, and to find out if you qualify for the 9 Year Mortgage program. Find out how soon you could be completely debt free, including your mortgage, with the 9 Year Mortgage Financial Plan.
Find out what thousands of satisfied clients already know about taking control of their finances, and using the power of reverse compounding interest to beat the banks at their own game!
9 Year Mortgage representatives are standing by to answer all of your questions about our program, including how soon you will be debt free, and how much money you will save in interest! For more great money saving ideas visit 9 Year Mortgage on Youtube or go directly to the 9 Year Mortgage Money Saving Minute. 9 Year Mortgage recently launched their Eliminating Debt with 9 Year Mortgage site , which is also full of valuable, free information.