4 Financial Mistakes to Avoid at age 50 years
If you are aged 50 years, this is the time to tighten our belts. Do not also make the mistake of finance, since the age of 50 years have been very close to retirement, which means losing a steady income.Well, that ye be alert for future careers end, the following 5 financial mistakes that you should avoid in the age of 50s
Not the biggest pay off debt
It is time to pay off two things: home loans and vehicle loans. Likewise with the other large financial burden. Therefore, these two things, home and vehicle loans, usually the largest household expenditure. If not repaid, it will be a burden for those who live with a fixed income such as private employees or civil servants.Do not buy long-term insurance
Make sure the first property, vehicles and other valuable assets have been covered by insurance. Likewise with spouse and children. Protect them with health insurance and life insurance are worth it. Do not also buy insurance with long-term protection.This type of insurance is expensive, but it will protect the money in the long run as well. Do not bet your savings on the risks that could come at any time.
Taking on new debt
We all hope that when it was at the age of 50 years free of thoughts about debt and other financial burdens. Because in just a few years from now, people will enter retirement, which means losing a steady income. Do not add more new debt such as buying a house or a new vehicle if it does not include this in your pension financial planning.READ TO
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Not doing rebalancing asset
At age 50, you are already nearing retirement. One of the important steps that must be done is to rebalancing the asset. Definition of rebalancing is to adjust the percentage of the portfolio to suit its investment objective.Immediately move the investment assets in more conservative instruments but minimal risk. Examples such as reducing the stock allocation of 70 percent to 50 percent and the rest is stored in the form of cash and bonds.
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