Eight Ways To Sink Yourself Financially
Author: 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.
About The Author: Richmond Acheampong is the founder of Parent
Tree, an online family Resource web site that promotes family
health and balance. A web site that promotes family health and
balance with thought provoking articles, products, advice
columns and resourceful links. For more information and
articles relating to family matters, visit
http://www.parenttree.com
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