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Setting savings goals and achieving them can be a very difficult task. There always seems to be a better destination for the money, come up with something you can buy, a treat to visit or give yourself. The danger of saving and investing is that you rely only on yourself and your discipline.
That’s why they’ve tried multiple times with “shortcuts” that seem to help you save, and what they all have in common is that they’re all bills that come up every month. Then they give you an amount, a due date, and an idea of ​​whether you need to pay them.
But is this the best option?
Don’t drown in the well
Getting to your home in Argentina seems so far away that there are plans that guarantee you to pay in instalments, Buy as it is often referred to as being “well organized”. There is a lot of marketing for these financing plans to get your home or apartment paid in very easy to get instalments.
What you really need to know before jumping into one of these buying plans You’re not buying a house, you’re funding a developer who has a project she wants to do but doesn’t have the money to do it with you. This is when the problem becomes very illogical because usually the person receiving the financing is the one paying the interest. Excellent, These types of plans often charge you interest for using your own money, which is against all common sense.
Also, you take a bigger risk because although they sometimes sell it to you as if you were buying “bricks” or “square meters”, the reality is that you are up to the management (and honesty) of the developer. Many of these programs are not out of the woods, and some have lost all their funding to join this type of program.
When buying a property, it is recommended that you go through a deed to ensure that you are the true owner and that no one will take it from you. You can save and invest money without resorting to these shortcuts that won’t work in the long run.
car savings plan
The psychological need to force quotes and save due to a lack of discipline has made auto savings plans a very popular way to buy a car. This type of product incurs a fee you pay that is permanently adjusted to the price of the car (That is, you pay for a new car even if your car is two years old) This creates additional costs such as admin fees and expensive insurance you’re forced to rent during the savings plan.
In turn, you don’t know when the car will be delivered to you. Despite the guaranteed delivery posters advertised in Part 2, anyone who’s been in a program like this knows the headaches of getting a car delivered to you. And, like a good buy, These are hard investments to get rid of. If you want to sell it at some point, you may have to lower the price, which means a lot of people are stuck paying for these plans to not see a loss.
life insurance or pension
The cost of not taking the future into your own hands is no more obvious than life or retirement insurance. They promise peace of mind with simple installment payments. You know how much you’re paying each month, and if you don’t, you’re going to have problems. But this peace of mind comes at a price. They are low-yield products and in many cases they are also penalized if you want to withdraw your funds before the deadlines they offer. If one invests in this type of insurance for as long as the person who invests in it, it is logical to expect a return in line with market value.
Consider them insurance if you’re looking for them. If so, that’s another story. Do you consider the amount you pay for auto insurance an investment? Or what have you paid for social work? They are insurance because they cover you for certain contingencies with low probability, but have a significant impact on the economy. The mistake is to think of them as investments.
A better option is to develop your own investment plan or find a professional advisor who can help you. Find your own investment path without relying on these unproductive shortcuts.
It’s common to make up for a lack of discipline by turning your investments into another bill you pay each month. But it doesn’t have to be. Those who manage to control their financial future will be able to tap into their capital.
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