There are many items we buy emotionally without considering the potential financial loss or gain. Here are five ways to make every decision a good one.
1 | Never see your car as an investment.
Every penny you spend on your car will devalue day-by-day; always bear this in mind when you are in the shiny showroom. Make sure you only spend what you are prepared to lose.
2 | When purchasing your home try not to be totally emotional.
Think whether buying your home will be a good investment. Remember the buying price is how you make a good return; so try not to get carried away in a bidding war.
3 | If you purchase a second home, think about the possibility of renting.
When you’re not using a second home, renting it can be a great way to create additional income. The website www.onefinestay.com is a wonderful option. We use it for our flat in London.
4 | Think before you remodel.
If you decide to carry out work on any property, always consider the resale value and how you could expand your buyers market.
5 | If you ever consider investing in jewelry, try to keep the setting as simple as possible.
Always invest in the stones. The cost of the setting cannot be made back due to second hand jewelry being simply valued based on the stones. The only exception is if it has been created by a well known jeweler, such as Cartier.
When committing to any investment ensure that you have carried out sufficient research, considered all options and double checked the figures.