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​Non-Financial Decisions That Impact Your Assets - May 2018

​Non-financial decisions can have a huge impact on your money situation. You might be surprised at how much influence your choices have over your debt, future earning potential, and retirement.
 
Those that are financially successful tend to consider the potential impact of all decisions, including those that have nothing to do with money.
 
Discover the 3 non-financial decisions that have the greatest impact on your financial life:
 
Marriage can have a significant effect on your finances. Don't misunderstand, I'm all for marriage, we're coming up on 30 years, but we are on the same page when it comes to our finances. You might be a great investor. You have your retirement all planned, you're contributing to your superannuation regularly and you stick to your budget 100% of time. But a divorce can cost you half of your assets and potentially have you making payments to your ex for the rest of your life.
 
Marrying a suitable partner is one of the most important factors in determining your financial situation later in life. Think about all the ways your spouse could alter your finances. It’s important to choose wisely.
Staying married doesn’t necessarily result in financial success either. Before getting married, consider your potential spouse’s spending habits and current debt.
 
There are other factors to consider, too. Do you both want children? Are you both planning to work? What type of income is your potential spouse likely to generate?
 
Your educational decisions are extremely important. Attending medical school is likely to result in a better income than majoring in English. Higher education isn’t necessarily a fitting choice for everyone, but it’s something to consider.
 
Reflect on what you love to do, but avoid ignoring the economic implications. Think about how much your education will cost in terms of money and time. And consider the demand for workers in your chosen field. There’s plenty of salary information available. Do some research so you can make an informed decision.

The cost of making a poor choice can be considerable. You may be miserable with your job, and then discover that you need to go back to study to stay competitive, or even keep that job that makes you so miserable.

Your educational choices can affect your income, employment, and overall happiness.
Sometimes success isn’t about making the perfect choice, but rather about refraining from making a poor choice. 
Children greatly impact your money situation. Children are and incredible blessing and an incredible expense. Having one or more children can potentially mean the loss of income for several years. Financial priorities can also change when you have kids.
 
There’s less opportunity to save and invest. Think about the food, clothes, medical bills, education and all other expenses associated with children. There's the sport fees, the music lessons, the school camps, youth groups, childcare fees, the braces to correct those crooked teeth, the photos. That’s money that could’ve been put towards your retirement.

The cost of higher education continues to rise. How much will a degree cost in the future? What about if you have three children? Avoid waiting until your kids are in high school to make the necessary financial adjustments.
​
​So many of the decisions we make every day have financial implications, even if they may seem unrelated. Marriage, education, and children are just three decisions we make in a lifetime that have the potential to change your financial future in significant ways. Think about the effects these choices can have on your financial well-being.

 
Sometimes success isn’t about making the perfect choice, but rather about refraining from making a poor choice. Take the time to make informed decisions. Your financial future depends on it!
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  • Home
  • Join the Club!
    • Twenty Reasons to Join the Cheapskates Club
  • About Us
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    • Ask Cath
    • Glossary of Cheapskating Terms
  • Forum
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    • Getting Started
    • 31 Days of MOO Index
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