4. Calculate the interest rate before you get a loan
A lot of people might think taking a loan to actualise personal goals is a bad idea. They believe using debt to actualize ones financial dreams doesn’t sound right to them.
See, it’s not that deep. You can take loans to meet some of your personal goals. It only depends on how you manage it.
Before you take any loan, you need to pay attention to the interest rate. However, borrow only when you absolutely need to and calculate the costs that you will be incurring from borrowing.
5. Prepare for when you’ll no longer be able to work
Things you should never do with your savings
This is very important. If you are still young and getting it, always remember to prepare for the time your working days will be over. This is why you should have a financial plan that will be working for you when that time comes.
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