Is Debt Bad?
Thinking about personal or business finance is a confusing matter and often hurts our heads thinking about it. A lot of the information we receive is wrong. Forward finance is here to put you on the right track and decipher fact from fiction.
Is Debt Bad?
The only way to create any sort of credit history is to get credit. Doing this allows us to build some sort of credit history while it’s no secret that mismanagement of credit can ruin your history. Some debt helps you build personally or through your business. You can quite easily invest into education or property. You tend to find mortgages of student loans have a lower interest rate and can be tax deductible. If you do have bad credit all is not lost. There are ways to rebuild and repair your credit, meaning in the future you could be accepted for things such as credit cards or bank loans.
Buying and Rent Houses
Many people dream of owning their own home. But people conquer different milestones at different times in their lives. More often than not people fall into the trap of thinking buying a home is better than simply renting. Some people are not in the position to buy a house and renting is the best option for them at that time in their life. Buying a house when you’re not in a financial position to do so causes debt that simply could have been avoided.
Is investing just for people with money?
Making an investment is often misunderstood by a lot of people, you don’t have to be rich to make a good investment. People often think investment means stock shares or properties but you can have a simple savings account and that is an investment. Saving as little as £10 a month is an investment, a little often leads to a lot so do what you can and you’re bound to see some sort of benefit.
Should I manage my own money?
The simple answer is YES it’s important to know and understand what’s going on with your personal or business finances. Even if you have an accountant it’s important to understand and keep updated on where your money is and how and where it’s being moved. Be hands on with it, nobody should be completely trusted with such an important part of our lives.
Yes it’s easy to get into debt and harder to dig your way out, but it’s not the be all and end all. There are ways and means to build your credit score back up and there is every chance you will get credit in the future. Although you may not be able to get credit for a little while working hard to repair it will pay off.
Money Isn’t Everything
Obviously money makes life easier, it makes the world go round, but it doesn’t guarantee us anything in life. Yes it can provide more opportunities and stability in life, but circumstances can change at any time for the better or worse.
Will more money make me happy?
Money can’t buy happiness is a well known saying and it is 100% right. Money can make life easier but it can’t buy love, friendship or happiness. Money can buy us materialistic things but it can’t buy us the things that really matter. Forward Finance is always on hand with handy tips and advice to help you along your journey.