Urban life is stereo typed and follows pretty much the same pattern. Young men and women focus on academics and qualify to take up and pursue careers and not jobs. In the first year of job itself they set their course of life and plan ahead with milestones.
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They set their milestones clearly and work with focus on achieving them. To be better equipped they educate themselves on financial matters. The smart people they are, know very well that with mere salaries they cannot create the wealth they dream of.They need to make good sound investment decisions as well as learn to make use of opportunities that present themselves to create wealth. Therefore you will see them quickly updating themselves regarding stock markets and mutual fund investments etc.
The first milestone they cover is to save up money for the first two years of working and take a home loan with a long tenure of over twenty years and buy a own home of their choice.
The first category of people ensures they maintain good records and pay up monthly installments all through the tenure without fail. Such people fall into the category of conservative people who are averse to risk. They tend to avoid taking loans and wish to lead a life without debt.
But the second category of people are far more enterprising and never leave an opportunity when it presents itself to invest and take chances. As soon as they are married, their income gets doubled. With increase in income they change their planning horizon too. Instead of planning to pay up installments of home loans for the next twenty years, they look at very many options.
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Sometimes they go in for loan modification of their existing loans and increase the monthly installments and reduce the tenure. They can thereby save on interest and pay up the loan faster. Their planning horizon consists of going in for a second home on completion of their first home loan. If people are smart enough to pick up good properties, real estate prices will increase over a period of time and the value of properties keep increasing.
Yet another option that is available to these couples would be to take on a second loan while continuing to pay the first loan without changing the loan structure. They get to save on their home loan interest via income tax deduction too.
Every few years they accumulate the extra money received through incentives, bonus and increments and pay up part of the principle and opt for loan modification. With an impeccable record and history of making prompt repayments, they would be able to negotiate terms for loan modification, restructuring etc with the banks easily.
Banks would love to extend a second loan to such couples to buy their second homes too. In such cases banks do waive service fee, reduce interest rates in certain cases and come forward to provide top up loans on the exiting loan.
Such couples who maintain their financial discipline manage to acquire wealth and lead a contended life.