3 Non-Financial Decisions That Impact Your Wealth
Hi everyone, thank you for coming back to my blog. I hope you found my last blog interesting and useful, where I covered ‘9 Job Search Tips For Graduates’.
In today’s blog I am going to cover the non-financial decisions that have an impact on your wealth because, even though you never think about it, every decision you make has an impact on your financial life and wealth. Non-financial decisions are no different and 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 plans.
Those that are financially successful tend to consider the potential impact of all decisions, including those that have nothing to do with money.
Here are the non-financial decisions that have the greatest impact on your financial life and wealth:
1. Where you decide to get an education
Attending medical school or going to a top tier university, doing a well sort degree is likely to result in a better income than doing an English degree in a mediocre university. 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. Also consider the demand for workers in your chosen field. There’s plenty of salary information available so do some research.
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 university to stay competitive. Your educational choices can affect your income, employment, and overall happiness.
2. Who you decide to marry
You might be a great investor with your retirement all planned and you stick to your budget 100% of time, but a divorce can cost you dearly. I know this might sound bleak, because you don’t get married to get divorced, but this does happen and it’s something you need to be aware of.
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, so 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, for example, do you both want children? Are you both planning to work? What type of income is your potential spouse likely to generate?
3. If you decide to have children
Children are incredibly expensive, so having one or more children can potentially mean the loss of income for several years. Financial priorities can also change when you have children.
There’s less opportunity to save and invest. Think about the food, clothes, nursery fees and all other expenses associated with having children. That’s money that could’ve been put towards your retirement.
The cost of a private education continues to rise. What about if you have three children? Avoid waiting until your children are old enough to go to school to make the necessary financial adjustments.
Now don’t get me wrong and twisted, I’m a huge advocate of getting an education, getting married (and staying married) and having children, but many of these decisions have financial implications, even if they may seem unrelated.
Education, marriage and children can potentially change your financial future and wealth in significant ways. Think about the effects these choices can have on your financial wellbeing.
Sometimes success isn’t about making the perfect choice, but rather about refraining from making a poor choice, so take the time to make informed decisions when required, to ensure you are not making a poor choice.
Until next time, stay safe and please share this blog with anyone who might find it useful. Thank you.
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