These should be on everyone’s personal finance agenda for 2009.
- Get OUT of “non-essential” (as in credit cards, personal loans, vehicle-beyond-what-I-can-really-afford loans) debt. DO whatever it takes to get out.
- Stay OUT of “non-essential” debt.
- BUILD an emergency fund.
- #1, #2, and #3 BEFORE anything else.
- DON’T save or invest in financial products and services that you DON’T understand. You’ve read the Master “Run Away From” List right?
Can you add to this list?
I can’t thank my friend V enough for keeping me OUT of a vehicle-beyond-what-I-could-really-afford loan a few years back. Then, I didn’t understand why; now, I do.
Tip Tuesdays is my initiative to share practical personal finance tips — every Tuesday. I’d be delighted if you could share a tip or two from your own experiences. Drop a comment or use this form to submit your tip. And, as always, do spread the word if you find this useful.
Further reading:
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Vinaya,
Right, this should be the resolutions each one should
follow and also intitiate friends also into….
Please write a blog on the House loan EMI/tenure calculation
for floating/fixed loans.
Have taken an ICICI floating loan at 9.25%.
It reduced to 7.5% and went upto 13%.
Wan’t to really to understand how the tenure and (principal+interest) componets change
due to interest changes.
Some times I think is my decision of not prepaying the loan
for the Housing loan tax benefits is really worthwhile in the long run.
Please enlighten……
Thanks in advance,
Girish