What are financial milestone purchases? We’re talking about those really big things. Buying a car, buying a house or starting a business. These are actions in the course of your financial life that both you and your bank will look on as significant and vital moments in your growth towards fiscal maturity.
These can be times of huge stress for you. As you are engulfed in the excitement of such a huge moment in your life, you can also be overwhelmed by the amount of administration and small print to address. You’ll often have little to no experience in this area. Almost no one has previous experience of buying a home, and almost no one has started more than one business. This can often mean that you won’t know exactly what you’re looking for as you strike out like this. You can feel like an easy target for dodgy dealers, and you can feel extremely vulnerable in general. All of this at a point when you are most in need of assistance and peace of mind.
Well, to help you on your way, we’ve assembled two top research tips for when you’re facing that big and important purchase. Here are two of the best and easiest ways to make sure that you’re getting the most out of your cash, as well as some peace of mind, when you’re in the market for those big buys.
Use The Web
It used to be that when you went into a dealership or began looking for mortgage brokers in Australia you were vulnerable. You would be presented with a whole load of marketing materials for whatever loan, vehicle or other big money item that you were in the market for. You would be given the whole marketing spiel by a dodgy salesman, and you would then either be hooked or keep looking.
Now you have the web to help. The web is the most powerful tool through which consumers can share experiences and information in the modern age. You should be using it to research whatever your milestone purchase is. If you’re buying a home you should be researching the area. If you’re in the market for a loan to start a business you should be reading up on customer experiences with the bank you’re considering.
Friends and Family
Friends and family are great to approach in situations like this. You can pick those people that you trust, those that you know are good with their money. Ask their general advice, and ask them what they wish they had known when they were making their own milestone purchases. If it is at all possible, you should ask one of them to accompany you as you go to the bank or inspect those new cars out on the lot. Their experience and the fact that they are not personally or emotionally involved in the process will mean that they are clear headed and wise. They should be of great help as unlike you they will have done this all before, maybe more than once.