If I didn’t invest all of my savings in the house, I would likely have squandered them unnecessary expenses like shopping and partying
Taking on a large mortgage with no savings was difficult, but it proved to be one of Mr Tewari’s better financial moves, and he became a believer in long-term investing. Real estate is not a get-rich-quick scam; it is a long-term investment. By long, I mean at least 5 years. And it makes much more sense in Singapore, since our steady government policies have previously proved that they are pro-real estate.
To save your time, I’ve summarized the article into a few key points
- Thorough research and understanding of risks are essential before investing
- Before investing in a specific company, mutual fund, cryptocurrency, or real estate, one should undertake extensive study and obtain expert advice.
- Be prepared for unexpected challenges and have a plan in place
- Unexpected difficulties might come in life, and it is critical to have a strategy in place to deal with them. Creating an emergency fund and having insurance coverage, for example, can help limit financial risks in the event of unforeseen occurrences.
- From an early age, prioritize education, moral values, and financial responsibility.
- Growing up with simple, conventional values and an emphasis on education can impact one’s perspective on personal finance. Parents can instill values such as honesty and care in their children by teaching them the significance of saving and investing at a young age.
Andy's take: Building wealth and gaining assets, in my opinion, is about more than simply money; it is also about self-improvement and having a prudent mindset. Long-term financial investments, such as real estate, can be a wonderful method to generate wealth, but they must be thoroughly researched before commencing on them. We can make sensible judgments that will benefit us in the long run if we are patient, disciplined, and educated.