+44 7393 450837

advice@adamfayed.com

Follow on

4 mistakes that could lead to your financial ruin – and few prepare for them

I have witnessed countless people, including previously wealthy people, become broke.

What are the biggest causes of financial ruin and what is likely to change in the future?

Below is a list:

1.Excessive vice

Excessive and consistent consumption of drugs, alcohol, gambling and other vices can lead to financial ruin.

There is a simple reason for this. These habits can get worse with time and indirectly affect you in countless ways.

It can influence how much sleep you get, how productive you are at work and your judgements.

2. Big mortgages

Unexpected bills from medical expenses, and failing to keep up with a big mortgage, contribute towards bankruptcy according to a Business Insider survey.

3. Picking the wrong life partner

There is an expression that “behind every man is an even greater woman”, and whilst society has changed, one thing has remained the same.

It is hard to focus on business and personal finances, if you haven’t got a stable situation at home.

a1 19

4. Rising life expectancy

We all know that life expectancy is rising. As the graph shows below, it has skyrocketed in the last 100 years.

What few know is that the average age expectancy could soon rise to over 100, due to advanced medical technology.

That means we could soon expect to have 35-50 year retirements. The amount you will need to invest, or the length of your contribution, might need to change.

Further reading

How much do people really need to save and invest to live a comfortable life in retirement?

How to become rich by investing: Rational Investing Based on Evidence vs Speculation

SUBSCRIBE TO ADAM FAYED JOIN COUNTLESS HIGH NET WORTH SUBSCRIBERS

SUBSCRIBE TO ADAM FAYED JOIN COUNTLESS HIGH NET WORTH SUBSCRIBERS

Gain free access to Adam’s two expat books.

Gain free access to Adam’s two expat books.

Get more strategies every week on how to be more productive with your finances.