Money Tips to Avoid
Financial advice is not hard to come by. However, not all money tips are helpful. In fact, some can set you up for financial failure. Here are a few tips you should avoid.
There’s no better investment than a home.
First off, there’s much more to owning a home than paying the mortgage. There can be huge transaction costs and maintenance expenses, and there’s no guarantee that your house will appreciate in value. In fact, it’s value may in fact go south. Remember, there’s absolutely no shame whatsoever in renting. The monthly rent may be a bit higher than a mortgage payment, but your landlord will be on the hook for all repairs and maintenance.
- Before you start saving, pay off your debts. There’s no law saying that you can’t do both. Nursing an emergency fund – no matter how little you put into it at first – is always a good idea. It’s also important to note that some of the debt you have may actually be lower than what investments could bring you.
- You can’t afford NOT to buy it at this price! When you’re tempted to buy something, especially on a whim, wait at least 20 minutes to clear your head. After that, be honest with yourself while considering just how much you’ll actually use the item.
When you’re making purchases of $100 or more, increase the wait period to 24 hours.
- Buy in bulk. Let’s face it, many of our homes are filled to the brim with clutter. Before plunking down the cash or card to buy something, ask yourself if you need the item right now. If the answer is “no,” pass on it.
- A bit of debt is actually good. Do a bit of quick figuring to see just how much an item will cost you in terms of time and effort. For example, if you find that eating a meal at a restaurant will cost you three hours of work time, you’ll probably be more inclined to cook more at home.
Another good way to get essentially the same results is to use cold hard cash rather than a credit card when purchasing.
Facing Crippling Debt? Call The Oswalt Law Group
If you’re feeling pressure from seemingly crippling debt, there are options available to you. Call us here at The Oswalt Law Group for a free initial consultation so that we can show you the host of options available to you. Our number is (602) 225-2222.