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5 Financial tips for the first week of January 2012

January 11th 2013

Check out the first 5 financial tips for the year 2012

Tip no 1 - Be debt free in your holidays, to be stress free later.

Indiscriminate shopping may help you enjoy the holidays to the maxim. You can buy whatever pleases your eye during the holidays. However, once the holidays are over, your friends go back to their respective places, you can be left out with a huge credit card bill in hand. You'll have to pay the credit card bill by any means. If you don't have money to pay the bill, then it will create an additional stress upon you. The creditors will call you for getting back their money. Your credit score will be ruined. The creditor may even sue you for non-repayment of bills, after a certain time period.

Tip no 2 - A little risk is good, too much risk is foolishness.

People say that if you don't take any risks, then you can very well forget to gain something. So, take some financial risks in your life. Otherwise, you won't be able to gain anything. Procrastination will not help you at all.

On the other hand, it will be a mistake to take too many risks. For instance, investing a small amount of money in the stock market is good. However, investing all your funds in the same market will be a monumental error. You may lose all your money if the market crashes due to a change in the economic policy of the country.

Tip no 3 - Do not waste money buying any extra coverage that you may not need.

Analyze your needs and buy the right amount of coverage. Don't purchase any extra coverage which you don't need. It will simply be a waste of money. For example: forgo collision coverage for your old cars. If the car is old and you seldom drive it, then it is better to drop the collision coverage. There is less likelihood of an accident when your car remains in the garage for most part of the year. So, you'll simply be wasting money by purchasing collision coverage for the old cars. Moreover, even if the car meets an accident any chance, the insurance company will only reimburse you the Actual Cash Value minus the depreciation cost.

Tip no 4 - Prevention is better than cure even in personal finance.

Prevention is better than cure – the same phrase is applicable for your personal finances also. For instance, if you invest in wrong mutual funds or stocks, and realize your mistake when it is too late, then you'll be in a big trouble. You won't be able to rectify the situation. You won't get back your money.

Take steps to prevent any financial debacle. Protect yourself from financial storms. Talk with your financial advisor and find out the weapons to shield yourself from financial disasters. Otherwise, be prepared to lose your hard earned dollars.

Tip no 5 - Invest in forex market wisely to gain profits.

Invest wisely in the foreign exchange market (forex) or you'll lose your precious money. Forex is a market where currencies of different countries are traded. Don't withdraw money from your checking account and invest in currency market straightway. Consult a financial advisor before making any investment in the foreign exchange market. Get to know about the investment tricks first. Read articles on forex from different financial websites. Find out the recent trends and go through the latest news on forex. Once you're well aware of the factors that affect foreign exchange market, start investing.

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