By Dan Benson
Monetary consultant Dan Benson exposes the twelve greatest blunders humans make with their cash and obviously demonstrates how readers can circulation from monetary lack of confidence to monetary freedom. confirmed, useful aid for negotiating the monetary minefields of existence.
1. Misuse of credit
2. Letting greed take control
three. considering this day and never tomorrow
four. Motor toys - the most important funds drain
five. Failure to address the "set aside"
6. now not figuring out what to do with the $
7. now not taking good care of the "temple"
eight. both an excessive amount of or too little insurance
nine. Following fads vs. staying the course
10. Lackadaisical giving
eleven. Letting Junior consume away your nest egg
12. no longer benefiting from tax breaks
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Extra resources for 12 Stupid Mistakes People Make with Their Money
Chapter 1: Exploring Money in Your Life Some people are hoarders, and others are overspenders. Being extreme — on either end of the spectrum — isn’t healthy. Balance is key. You can’t spend everything today, or you won’t have anything for tomorrow. You also shouldn’t put off everything you’d like to do until tomorrow because tomorrow may never come. Finding the appropriate balance with your time, energy, and money will lead to the best outcome. Worksheet 1-5 Example Reflections on Financial Origins Example #1: My father was a good provider — financially speaking.
In Worksheet 1-9, I’d like you to focus for a moment on other people in your life and how your relationship with them may be affected by money. Chapter 1: Exploring Money in Your Life Worksheet 1-9 Who or What Is Holding You Back? ): __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ By becoming more aware of your beliefs and attitudes about money and recognizing how these beliefs influence your relationship with others and with money, you can discover who or what may be holding you back and possibly how to work through these challenging issues.
Avoid opening new accounts. Transferring existing balances to a new lower rate card lowers your interest expense (often only temporarily), but it also lowers your credit score. ߜ Keep the old accounts open, even if you don’t use them. But watch out that no one else is using them, either. The length of time you have maintained your accounts is key. Not only is it important for you to monitor your credit report, you need to monitor your credit score. You can use Worksheet 2-5 to keep track of your credit score over time.