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. You might be a great investor. You have your retirement all planned and you stick to your budget 100% of the 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. Also, consider the demand for workers in your chosen field. There’s plenty of salary information available. 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 graduate school to stay competitive.
- Your educational choices can affect your income, employment, and overall happiness.
- Children greatly impact your money situation. Children are incredibly expensive. 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, and all other expenses associated with children. 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.
Many decisions have financial implications, even if they may seem unrelated. Marriage, education, and children can potentially 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!