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Every day, we make countless decisions about money, while some of these choices can quickly be forgotten, others have lasting impact on not just our financial future, but also our overall quality of life. The impact of of a financial decision after a long time is what determines whether it was truly a great decision or not.
Many of us have had moment where we have to take a financial decision to invest in something for a quick profits which actually turned out good, and increase the weight of our wallets. Such quick decision are good as they fulfilled the desire of immediate gratification, but they are not qualify as great financial decisions in my opinion, because they often have no long term benefits for future overall wellbeing and security.
A truly great financial decision is one that brings long term benefits and significantly improved your overall quality of life for years to come even if it requires sacrifice or delay gratification in the short term. For me, the decision was chosing to buy a plot of land in a place far away from the city center 8 years ago, which at the time seems like risky and a wrong choice to my family and friends.
However, over the years, the land has not only appreciated in value, but it also provided me a place to build a house for my family to live in while having a portion that I could sell in the future for additional income and financial security. At the time that I made the purchase of the land, it was done out of sacrifice and a leap of faith, but today it stands out as the best decision I have ever made.
I had just started my clothing business and barely five months into it when the opportunity to buy the land came up. At first I was reluctant because I didn't have enough capital for my new business, and I feared that taking out a huge part of my business capital would jeopardize the growth of the business. However, I went ahead and did it by faith, believing that the business would survive and the land could be a life saver in the future, and I was right about both.
Although the business faced challenges in it early stage, it eventually picked up and grow into a profitable venture that supports my family financially to this day while the land has become a valuable asset that continue to appreciate and provide security for my future generations.
Paying $180 for a 100 square feet plot of land back then was a lot of money for me at the time. That same plot of land today is worth over $25,000, and it has provided my family a place to build our house and still have a large portion remaining that I can sell or continue to hold as an investment for my children future.
Sometimes, the best financial decisions are the ones we make under sacrifice and uncertainty, where we choose long term instead of immediate gratification. It is also good to know what you are putting your money into, does it have the potential to grow and provide long term value and security for the money invested for you in the future. A great financial decision will be one that will stand the test of time with little or no fear of losing the value of your investment.
This is my submission for the IndiaUnited community weekly contest. You can check it out from here.
