The Five Biggest Purchases You Will Make In Your Life
Obviously, one‐size‐fits‐all financial generalizations are never entirely accurate. Nonetheless, if you are like most Americans, then the following five expenses will consume a significant portion of your lifetime income ‐‐ so be sure to spend carefully!
- 1. Your Home. Not only is this likely to be the costliest purchase you make in your lifetime ‐‐ it also carries with it ramifications far beyond the mere sticker price. For example, the job market in which you will participate, the interest rates you pay on your mortgage, the repair costs you will cover, your professional flexibility, your kids' schools, and the eventual resale price of your home must all be taken into account.
- 2. Vehicles and Transport. Buying a vehicle, much like buying a home, requires you to take important secondary costs into account. Gas mileage, repair costs, and even the number of kids you plan on having are all good example of this.
- 3. Education. Post-secondary degrees can be as financially challenging as they are intellectually stimulating. Nonetheless, investing your time, money, and energy into earning one can open many doors for you, both personally and professionally. To discover useful tips and tricks for pursuing education in a financially responsible manner, be sure to visit the Madison and Monroe blog!
- 4. Family Healthcare. Whether through the accumulated value of insurance payments or the one-time cost of an expensive operation or procedure, healthcare is likely to consume a significant portion of your lifetime income. Being prepared always beats scrambling to adapt ‐‐ which is why finding employment that offers healthcare coverage is usually idea.
- 5. Weddings and Funerals. Commemorating life's most important moments and milestones seems to be deeply ingrained in human nature ‐‐ and there is nothing wrong with doing so. However, you should be aware that these two events oftentimes consume tens of thousands of dollars. Building a wedding fund, investing in life insurance, and making good decisions in conjunction with loved ones are all good ideas.
For more information on intelligent financial management, visit Madison Monroe and Associates online today!