Thread by @nandaseth

1. One wrong decision in life can extend your retirement age by many years. A small thread
A 40+ gentleman ended up buying an under construction apartment from a once reputed builder who went bankrupt. #personalfinance #retirement

2. Stuck with a builder who doesn't exist, banks which are charging EMI anyway & virtually getting choked on both ends apart from paying a rent.
a. Rent
b. EMI for a house that's not there
c. No income from the property because it doesn't exist
#personalfinance #retirement

The thought of reaching retirement at say 55 has now been shattered & there's no guarantee that the gent is unsure whether he can reach his retirement target. The worst decision happened to be purchasing an "under-construction" property. #personalfinance #retirement

4. Here's a learning.
NEVER buy an under construction house. None of us will pay Rs.50 to a Idli/Dosa vendor for a Dosa we will consume say even a week later. But we happily give lakhs to an already rich builder for a house which is not even in foundation stage #personalfinance

5. ALWAYS buy a property ONLY if the Occupation Certificate (OC) is available. That way you will:
1. Have a house either to move in or rent on purchase
2. Get tax benefits for the loan
3. Ensure that your cost of money is at the lowest
#personalfinance #retirement

6. Before taking any money decisions, kindly keep your heart away. Never listen to Shah Rukh Khan (who keeps saying "Dil Ko Suno"). Trust me, he never listens to his heart. He always uses his brain. That's why he makes money. Money+Emotion is the worst potboiler #personalfinance

7. Keep your emotions aside & treat money purely on logic. You will definitely reach your #retirement goal ASAP.
#personalfinance

8. If you can't do it alone, please have an advisor. It is absolutely fine to pay a fee/commission but ensure you follow a strategy.
Maybe you can start with this video:

@threadreaderapp Please unroll. Thanks