Most people care a lot about their finances. After all, the amount of money people have has a significant effect on their quality of life. As a result, they often think about what they should do to have a stable financial future. What's also important, however, is what things you don't do that might have a negative impact on your financial well-being. We'll discuss seven of those things in this article.
1. Saving: Starting to save early and saving as much as you can will truly pay off. Unfortunately, the majority of Americans don't have enough money for retirement because they haven't saved enough. Don't be like these people. Just by starting early, you can easily generate hundreds of thousands of dollars that could be used to make your retirement more comfortable.
2. Protect your property through renters insurance: Most everyone has a friend or loved one who has had their apartment broken into or has had the misfortune of having their property damaged by a natural disaster. If you're concerned about any of these unfortunate events happening to you, getting renter's insurance can save you thousands or even tens of thousands of dollars in case you experience the worst.
3. Avoiding unnecessary debt: Though financing extravagant purchases might seem tempting, you'll generally want to avoid going into debt. There are exceptions, however. If you're reasonably sure that you'll be able to profit in the long term through debt, like in the case of getting a college education, using a solid plan to start a business, or buying a house that will likely appreciate in value, getting into debt may make sense. A necessity such as a car may also be a reason to consider financing.
4. If you must go into debt, pay it off quickly: Letting debt ac...
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...ents to your lifestyle to protect your financial future. One day, you'll be glad you did.
Sources:
The Bam Alliance. Five Decisions That Will Shape Your Financial Future: http://www.thebamalliance.com/BAMIntelligence/BAMIntelligenceArticles/tabid/102/entryid/51/Five-Decisions-That-Will-Shape-Your-Financial-Future-Kevin-Grogan.aspx
Forbes. 7 Financial Decisions Made In Your 30s That May Haunt You In Your 50s: http://www.forbes.com/sites/nancyanderson/2013/09/26/7-financial-decisions-made-in-your-30s-that-may-haunt-you-in-your-50s/
Personal FN. 7 things you should do to take control of your finances in 2014: http://www.personalfn.com/knowledge-center/financial-planning/tutorials/14-01-07/7_things_you_should_do_to_take_control_of_your_finances_in_2014.aspx
Shrinkage Is Good. How Much Do Americans Save: http://www.billshrink.com/blog/10053/how-much-do-american-save/
Trello, Julia. "Income Inequality: Views & Solutions From Experts" Finances Online Income Inequality Views Solutions From Experts Comments. Finances Online, n.d. Web. 16 Apr. 2014.
I chose to do my book review on Brad and Ted Klontz’s “Mind Over Money: Overcoming the Money Disorders That Threaten Our Financial Health” because I have observed, and participated in, bad financial decisions that have greatly impacted my family for decades. I’ve taken many personal steps to attempt to break the cycle of destruction that ended my parents’ marriage, and to raise my children in a debt free environment. Unfortunately, it has not been an easy task. I have read many financial self help books and attended seminars on the subject. This book caught my attention when it said that simply learning how to budget and pay off debt isn’t enough, that one has to first understand our psychological relationship to money, and then move beyond the financial constraints we put on upon ourselves. For years I had struggled with debt and money management. I had always assumed it was my lack of education that held me from moving forward. Reading this book has been a welcome eye-opener.
Graves, J.A. (2012, Feb. 26). The 10 best jobs. US News: Money Careers. Retrieved from
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Malone, K., Stewart, S. D., Wilson, J., & Korsching, P. F. (2010). Perceptions of financial well-
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Smith, J. (2013, april 23). The Best and Worst Jobs for 2013. Retrieved october 23, 2013, from Forbes: http://www.forbes.com/sites/jacquelynsmith/2013/04/23/the-best-and-worst-jobs-for-2013/2/
What is the difference between a '' and a ''? Federal Reserve Board's Survey of Consumer Finances (2010). 18. What is the difference between a '' and a ''? Capitalism by Geoffrey K. Ingham.
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