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Four Financial Risks Worth Taking
Sometimes you have to take a risk. But not all risks are created equal. Some risks have rewards that greatly outweigh the potential downside. These risks can pay off big-time down the road, but its important to pick the right ones.
When it comes to personal finance there are lots of risks (and lots of rewards!). Taking a few strategic risks can do wonders for your long-term personal finances. But it’s important to understand the trade-offs.
Almost nothing in the world of personal finance is completely risk free (except maybe a guaranteed deposit with an insured bank) but there are four financial risks that can be worth taking.
If you understand the potential downsides, these financial risks can have a huge positive impact on your finances.
Two (Less Obvious) Financial Benefits Of Owning A Home
There are a number of personal and financial benefits when owning a home. There is the stability, the forced savings of mortgage payments, the potential for appreciation etc. etc. But there are two somewhat less obvious benefits of owning a home.
These benefits will help homeowners financially, both before retirement in the accumulation phase and also after retirement in the decumulation phase. These benefits will make it easier for homeowners to achieve their financial goals, decrease taxes, and minimize government benefit clawbacks.
In this post we’re going to explore two, perhaps hidden, benefits of owning a home.
3 Ways To Simplify Your Finances
Where do I want to spend my time? Not managing my finances, that’s for sure.
If you spend more than 30-minutes per week managing your finances then you need to simplify! That includes budgeting, paying bills, making debt payments, and moving money around.
Spending a lot of time managing your finances can actually be bad for your net worth. It zaps your energy and leads to bad financial decisions. Spending a lot of time on your finances can lead to budget fatigue and makes it more likely that you’ll make an impulse purchase.
Simplifying your finances doesn’t have to be difficult. It might require a bit of time up-front but once you’ve made a change you’ll immediately start to see the benefits.