Golf Financing
Urban life is stereo typed and follows pretty much the same pattern. Everybody is aggressive and wants to acquire academic qualifications and aim for a higher career growth. As soon as they take up jobs, they are very clear about where they are headed as well as their long term and short term goals.
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They are very clear on their goals and what they want out of life and try to focus on achieving them. They know that knowledge of personal finance is very important and hence learn about it as much as possible. Smart people understand that just with their salaries and savings they cannot create wealth. They know that the road to creating wealth is through smart investing, calculated risk taking and riding on good opportunities. Therefore you will see them quickly updating themselves regarding stock markets and mutual fund investments etc.
The first milestone they cover is to save up money for the first two years of working and take a home loan with a long tenure of over twenty years and buy a own home of their choice.
There are one category of people who will pay the monthly installments without fail every month for the entire tenure and play very safe. Such people fall into the category of conservative people who are averse to risk. They tend to avoid taking loans and wish to lead a life without debt.
But then there are aggressive people who try to maximize their opportunities and their available resources to achieve maximum possible benefits. They become double income couple when they get married. Now their planning horizon too changes.Instead of planning to pay up installments of home loans for the next twenty years, they look at very many options.
They might opt to restructuring of existing loan by increasing monthly installment and reducing the overall tenure of the loan. They can thereby save on interest and pay up the loan faster. As soon as they have planned and allocated funds for the first home loan, they look at buying a second home.If people are smart enough to pick up good properties, real estate prices will increase over a period of time and the value of properties keep increasing.
Yet another option that is available to these couples would be to take on a second loan while continuing to pay the first loan without changing the loan structure. They get to pay lesser income tax on their home loans and thereby save on taxes too.
Many people accumulate all the extra income they receive in the form of bonus, gifts, incentives, commission etc and use it to pay up the principle of the loan outstanding and go for loan modification. Banks would be willing to sit down and look at options of loan modifications or restructuring looking at their impeccable history of payments and their credit worthiness.
Banks would be eager to extend the second loan to such couples without having to loose on valuable customers. Banks will bend backward to offer reduced rate of interest, waiver of service fee as well as top up renovation loan to such customers.
Such couples with their knowledge and smart planning coupled with discipline manage to acquire wealth and lead happy life.
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