|Posted by Azim Azman on June 11, 2016 at 11:25 AM||comments (0)|
Many of my friends started to get married lately.
Yeah, of course, we are already 23. Haha.
Because of that, I think it is very relatable to write about " Common Couple's Financial Mistake." I assume we all can or have heard many story like the one I will tell here.
Many people will start working and earning some income. Then, they will meet the one they love and decide to get married.
The 1st mistake that they make is to spend so much in their wedding ceremony. In Malaysia, we can see this so many time. Many couple even willing to make big loan for their marriage. That is just absurd. In Islam, small marriage ceremony is enough. I am glad and happy when I see most of my married friends spend less than RM10,000 on it. I think it is most approriate for most Middle Class Income people.
2nd mistake, they start to buy big house to stay. This will just take more money from your pocket every month.
3rd, one day, they looked at TV or heard on the radio those crazy promotion. " Installment for 60 months, without any down payment" type of promotion. They get so excited and went to the store. They bought furnitures, TVs, refrigerator and so much more as it is " No down payment and easy installment every month".
Few months after that, they realise that all their commmitment installement payment have cost almost 80% of their monthly income ! Every month, they need to pay for 1) House 2) Car 3)Marriage loan 4) Furnitures 5)Electric items
That leave them with only 20% of their income.
Next, they will realize that they have so much commitment to pay that they cannot stop working.
Even if they working and getting income every month, they cannot enjoy it, as most of them need to be paid to the banks. That is why most people have become the 'slave' to the banks. Every month they give most of their income to the banks.
They cannot stop! And they are so afraid to be fired!
They have just lost their FREEDOM!
Because they rely on only one income, their job! Before this they do not even care to create second and third income streams. All they care is to spend, spend and spend.
The main point here is most people has burden themself with lack of financial education. Thus, they buy many LIABILITIES instead of ASSETS!!!
Decide today to learn about financial more. It is one of big part of your life!
And take control in your life. Increase the control, do not depend too much on one people or one job.
Your financial risk will be greatly reduced when you decide to buy more income generating assets that will bring more money into your pocket every single month!
That is all for this writing guys, hope its helpful. If you think this is a great reminder, do not forget to comment and share it with your friends and family. Please do subscribe and follow me on my social media account and say "Hi". Thank you for reading.
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