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  • Category: Miscellaneous

    Car, Property or fixed amount, which should be priority?

    Generations are becoming very aware, especially about their future and when it comes to the future, people are becoming future-oriented along with giving themselves a good standard of living. If seen from one side, it is a good sign of progress but steps in this direction should be taken very carefully. We have many experienced and knowledgeable people in this forum group, which is helpful in explaining this matter in greater depth. When we consider a house, car, FDs, or other property for investment, which one should we give priority to, and what are the factors that need to be considered.
  • #755167
    For me the priority to have a fixed monthly income irrespective of me having a job or not would be first liking to have the smoothest future for sure. Car can be purchased at later date when the whole technology would be changed to electric vehicle and thus should not hurry up on the matter. Purchasing property cannot be in huff and having a property is the long term planning to which we should have the surplus amount to replay the loan taken. And coming to fixed amount would be great preference, because if we have fixed income , we can hire a car, we can take a huge house for rent and live happily and with good regular increased income monthly we can make our future great and more useful to our nominees and the children. So do not give credence to short term happiness and save the money for the future which is the best bet.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #755172
    Saving money is a good habit and it will come in handy when there is a real need for some money in difficult times. When we are young we can work and earn money. But after a certain age, we can't work and earn but we should continue to live till the last breath. So we should have some deposits in the bank and the interest we get on those deposits will be useful for our daily living.
    So we should reserve some money for that. Then the house is an important asset and we should have one roof to stay in. So we should plan for our house also. Another aspect is that once you have your own house you need not pay rent. So one should try to purchase a house. The cost of the house will be increasing and it will be a good asset.
    Purchasing a car is not a saving. We should think of purchasing a car only when there is a necessity and only when we are financially comfortable only.
    Save some amount, then go for a house or property. This is the correct way, I feel. But if we have sufficient resources having a car is also a good thing.

    drrao
    always confident

  • #755261
    Saving money for rainy days is different from investing money. Having an FD is savings whereas buying a house is a good investment for the future. Buying a car is an expenditure i.e. neither a saving nor an investment.

    Covid taught us very well the importance of saving money. Ideally, we must save as well as invest. Buying a house is perhaps the best investment of money. One can feel quite secure after having a house of his/her own.

    Money can be saved by cutting on expenses like buying expensive and fashionable clothes just for the heck of it. Similarly, there are many other lifestyle expenses e.g. eating out in expensive restaurants, indulging in other luxurious activities etc. which can be pruned for the sack of saving money.

    Let us encourage each other in sharing knowledge.

  • #755266
    For a comfortable future one has to make some investment in form of saving or acquiring property. Buying car is for comfort purposes and that is not an investment for future. Those who have interest in driving and possessing a car can definitely go for that if they have surplus amount in hand. Generally in our country property prices move up and if you give the part of property on rent then you can get some regular income from it also in addition to the fact that property prices will also escalate. Fix deposit in the banks is also a good option but seeing the inflation and declining money value every year this is not the best investment option. It is advisable that people should keep a part of their surplus money in mutual funds where there is scope of a good appreciation in future. For the retired people non taxable Government bonds are also a good option where the interest on on the investment is totally tax free.
    Knowledge is power.

  • #755273
    Property is the best option if we could acquire the same with our regular deposits. This can fetch you an attractive price in the hours of need if you want to dispose it. But it needs regular tracking so that by way of selling can provide you handsome prices. If you want to have a regular monthly return by renting the same, it would not be difficult by letting them out to the established concerns so that regular flow of rent is not dislocated. Moreover there is always possibility of reviewing the prices and the same can be renewed with the fresh customer if the offering is on the higher side.
    Return from fixed deposits will provide you less returns at the current stage if further revisions are made. Such amount of interest will not offer you to maintain your all your requirements for day today activities.


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