5. Avoid taking life insurances

Life insurance policies can be avoided if you are alone without any dependants. Death and medical needs are unexpected. You might be healthy now as you are young but you cannot expect the same for rest of your life. Everyone in this world are prone to unexpected accidents or a sudden heart attack, thus for the financial security of your family after you it is advisable to go for life insurance policies. Sometimes medical bills are one of the biggest reasons for bankruptcy. No matter how healthy you are, you must be prepared financially for a medical emergency. There are many health plans designed for young healthy people where you have to pay low premiums but it will protect you against catastrophic health problems and emergencies.

6. No habit of investing

Investment is something which is an additional income to you wealth. Sometimes the investment terms and conditions might look tedious but these terms and conditions are usually worth lakhs of rupees. Make sure that you have a complete idea about how the product functions and the mode of benefit you will be earning from it. Try to invest in more than one product or asset class as it’s seen that few people invest only in one particular asset like gold or real-estate, and then the problem arises when the particular market has a fall and the investor is forced into vulnerable situation.

Read More:

The Ten Oldest Surviving Banks In The World

3,763 Complaints Against Banks On Credit Card Charges: Minister