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Eight
Common Mistakes That Product More Debt & Financial
Hardship
EIGHT WAYS TO SINK
YOURSELF FINANCIALLY
By Richmond Acheampong
1. Don’t focus on your finances
The reason most people get into debt is because they
don’t spend enough time focusing on their finances.
You need to get a grasp of where you’re at
financially, keep track of your income in relation
to expenses and spending habits.
2. Failure to develop a good financial plan
No one would imagine going on vacation without
planning for it. Yet when finances are concerned,
many people don’t plan. A good financial plan can be
the difference between comfortable living and
struggling to get by.
3. Waiting too long to invest
When making investments, time is of the essence.
Compound interest earns money over time; so don’t
wait too long to save for retirement. The longer you
wait to invest, the smaller your return on
investment.
4. Marrying the wrong person
Who you marry has a huge impact on your finances.
Couples with different views on money, create stress
in their marriage. Divorce apart from the emotional
pain and suffering causes financial heartache.
5. Habits
Although habits seem minor, the prices add up.
Buying a $1 coffee each day cost you $365 every
year. Imagine how much more money you spend by
eating out regularly. If you smoke, the cost of
cigarettes along could drive you to quit.
6. Running up credit card balances
If you carry unpaid balances on credit cards, you
are already losing money in interest payments alone.
Credit card companies have high interest charges
that accumulate with unpaid balances.
7. Be under-insured
You need to protect yourself and your family from
unforeseen emergencies, sickness, accidents and
possible death. The goal is to make sure that you
have proper financial coverage incase anything
should happen.
8. Investing in things you don’t understand
If I had a dollar for every sure fire stock tip… I’d
be rich. Then I’d lose that money by investing in
those tips. Make sure you know what you are
investing in, by asking a lot of questions, don’t
hesitate to get another financial opinion.
For more information and articles pertaining to
family life, visit:
http://www.parenttree.com “Healthy homes and Happy
families”
About the Author
Richmond Acheampong
is the editor and founder of Parent Tree online
family Resource. A web site that promotes family
health and balance with thought provoking articles,
products, advice columns and resourceful links. For
more information, visit: http://www.parenttree.com
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