Outlook Business Desk
International Men’s Day is all about celebrating what men do for their families, communities and the world just like women. However, it's also a reminder to focus on smart money management. Here are the top 5 financial blunders men should avoid:
Not having a nominee for your assets can cause unnecessary stress for your family in case of an unfortunate event. Make sure to select a nominee so your loved ones aren’t left dealing with extra paperwork.
Falling for high-risk schemes that promise quick money can be a costly mistake. Always avoid "get rich quick" schemes as they rarely lead to quick buck.
Overestimating financial knowledge can lead to take high-risk investments without proper research, resulting in big losses. Avoid aggressive investing and always do your homework before making decision.
Not securing life insurance can leave your loved ones financially vulnerable in case of unforeseen events. Make sure to have life insurance in place to protect your family.
Focusing on short-term wants instead of planning for retirement can result in inadequate savings for the future. Start saving early for long-term financial security.