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5 Money Mistakes that can hurt your wealth building process

5 Money Mistakes that can hurt Your Wealth Building Process

by Holistic Leave a Comment | Filed Under: Investments

“I want to build wealth,” this is part and parcel of every individual’s life. Everyone wants to save money for a luxurious life. Our seniors always thought that through hard work and exploitation of right opportunities we can live an affluent and prosperous life. But your motive to build wealth should not just be focused on saving money but it should be focused on a dream of a peaceful and wealthy retirement period.

The money you are earning currently is not sufficient for a better life post-retirement because of the rising inflation rate and medical costs. There’s a strong chance that medical costs can sweep away your retirement savings.

While we all know the benefits of building wealth for the future, why is that most people still find themselves under a deficit after retirement. Many denote it as bad luck, while this isn’t the truth. Undoubtedly, in the game of life luck does play a pivotal role. But many-a-times it is our spending habit and reckless decisions that land us in trouble.

If you make smart decisions, luck will automatically follow you. If you make poor decisions, you might get trapped in huge deficits or losses.

Listed below are the 6 spending habits that could block your wealth building process.

Buying a Lavish House

This is a costliest financial mistake people tend to commit. While buying a house is a wise decision purchasing an abode that is beyond your capacity is a hapless decision. Previously, you buy a house, live in it for a few decades. But the present generation doesn’t believe in continuing the same job or staying in the same house for years. The more frequently they change their city for job, the quicker they sell their residence. This often means lesser returns and more costs to be borne when buying and selling.

Additionally, banks are often willing to give more loan than you can afford at the higher rate of interest. Owning a house means, paying higher interest and creating lesser ownership. Make sure you are buying a home for a peaceful living, and not end up paying a large monthly EMI.

By buying a lavish house, you are investing in an illiquid asset and if it is for self-occupation then you will not sell it to meet any of your other goals. Also lavish house means, luxurious neighbourhood. Our neighbourhood plays a vital role in determining our lifestyle expenses.

Avoid this financial mistake for a wealthy future. Buy only that what you can afford to.

Letting Your Money Leak

It is a fact that buying anything bigger costs more, but it’s that miscellaneous or little expenses that can deteriorate your financial condition. You need to scrutinize your income and expenses to find the leakage in your budget and save a little extra every month. Many-a-times you buy something, which you don’t really need.

For instance, annual fashion magazine subscription that you rarely read, monthly SMS pack recharge though you use Whatsapp (majority people use considering the low price of Smartphone), premium movie channel etc. Each one of these may cost more than Rs.100 individually every month. Don’t you think by cutting these unnecessary expenses you can save a little more for a safe and financially sound future? Think over it!

Having a Craze for Luxury Vehicles

This is the biggest of all! Buying a luxury car and changing the cars frequently. Most people don’t mind spending half of their income in paying the monthly installments of the car of their dream. Owning a vehicle may not be an expensive deal for a few of you, but the miscellaneous expenses associated with it can kill you.

First you buy a car, but there isn’t a pause to your expenses here. Apart from the monthly installments, you are left with filling diesel or petrol every month, frequent maintenance and unexpected repair cost, car insurance etc.

When you are buying car, you are putting your money in a depreciating asset. So, don’t make such a mistake. Buy a car, which you can afford and use it for 7+ years. An expensive car requires extra care and bigger maintenance and repair cost. Think before you buy!

Saving Too Late

Ask someone at 25, are they saving for their retirement? And see their expression. When we are young we think “I’m too young to even think about retirement, forget about savings.” But that doesn’t mean life will wait or you’ll never retire. It is never too early to plan your retirement. There is something called as compound interest, if you save early, you will earn handsome returns that could be beneficial for your future.

There is never a good time to start saving. Stop making excuses and just start! Time is your strength; don’t make it your weakness.

Spending Extravagantly On Education

While educating someone or educating oneself is a good deed, but wasting your money on a posh college or premium private tuitions is certainly not a wise decision. Though it is necessary to have a degree to get good job, it is definitely not necessary to go to a premium private school to get a superb education. While some college may be better than others, selecting a college because of their name or stylish campus is like buying an Rs.3000 premium branded shirt over Rs.1300 shirt. Even the Rs.1300 shirt will serve your purpose and need, so why waste money on a premium branded shirt of the same quality. Similarly, completing your education from a good decent educational institution is sufficient.

Whatever you decide, make sure you think about your present financial condition and then move ahead.

Hopefully you won’t commit these mistakes in the near future. Make better financial decisions; however don’t get demoralized if you are going through any of the above situations. Learn from your mistakes and carve a healthy financial life from scratch.

To be financially successful and become wealthier, it is very essential to have a detailed financial plan. If you are looking out for creating this precious financial plan, then you can take advantage of our
 
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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

Google Reviews

Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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