Breaking the bank: biggest financial decisions that will affect your life

Some decisions in life can affect us for an extended period of time.  In terms of finances, there are certain milestones which cost a considerable amount of money and should be prepared for early on.  These turning points may alter your plans forever depending on your decision.  Here are some of the biggest financial decisions you will ever make in your life.

 Education
Going to college or choosing not to can affect your finances in later years.  If you choose to go to college, enrolling in top schools will not be cheap.  Certain courses like medicine or law take a lot longer to finish and can rack up the student debt.  You could end up paying for your student loans for decades.  If you choose not to go to college, you may find it difficult to get high-paying jobs without a degree.
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Marriage
Marriage here is not limited to just the ceremony.  Marriage constitutes legally getting married, joint bank accounts, following new tax brackets, and ultimately shifting from a single to a couple-centric financial mindset.  This situation can be financially beneficial if both parties are currently working, or it could be a burden if one isn’t employed.  Marriage also includes the possibility of having children and raising a family.

Housing
Image source: myamericaschoicerealty.com
Buying a house is one of the biggest financial decisions one could make in life.  Buying a new home could mean paying for a mortgage for decades.  This decision may also include renovations, repairs, and eventually selling the home when the time comes.

 Michelle  L.  Marquez    is    a  finance  major  at  USC.    She  hopes  to  become    a    financial    advisor    in    the    future.    For  more  reads  on  finance,  visit  this  blog.

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