Rent or Buy a house
Benefits of renting -
- Lower expense
- Easy to relocate
Benefits of owning -
- Mental peace
- Better social community
- No rent after 30 yrs or retirement
Steps before investing
Step 1 - Health Insurance - Get Health insurance coverage for your entire family. Even if your employer provides one Step 2 - Term Insurance - Get term insurance if you are the only earning member in the family. Typically 5-10x of your annual income Step 3 - Emergency Fund - 3-6 months of savings in safe, secure and easy to liquidate asset class e.g. FD Step 4 - Financial education for you and your family - Involve your family members during planning, educate them on financial planning
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