There isn’t a person alive that can say they never made a financial mistake. Both small and big money errors are part of any fulfilling life. Take a look below at the biggest mistakes, and there is a chance you can avoid it in your own life.
There is a good reason people check Timeshare News and Updates before committing to a timeshare. Without proper research, it is one of the biggest mistakes you can make with your money. The biggest problem with a timeshare is that you don’t notice it is a money sink until most of your money is already gone. And if it is a particularly shady company, you may end up paying them to get out of the contract!
People complain about insurance but forget that it is the best ‘just in case’ service in the world. In particular, car insurance is seen as a money pit. But the financial mistake here isn’t getting insurance, it is thinking you can survive without it. One random wreck without insurance and you are not only out the cost of the car, but will also be liable for the bills of the other driver. This has financially ruined a surprising number of people. They all thought insurance was optional, but found out quickly how much of a lifesaver it can be.
3. Boat Maintenance
Owning a boat requires the purchase of the boat and the upkeep afterwards. A lot of people think the biggest expense is the initial purchase price. But if you blow all of your money on the cost of the boat, then prepare for a grim reality of watching your money deteriorate. Boat maintenance is expensive, and over time will cost more than the purchase price. And the moment you skip on maintenance, it begins a downward spiral of regrets.
4. Dipping into Savings
A savings account is usually reserved for emergencies or huge life events. But every now and then it is tempting to use your savings to buy something that you want. The problem with this approach is that when a real emergency pops up, the savings account won’t be ready to take the hit. Situations like this force individuals and families into debt that takes years to recover from. As far as financial mistakes go, this is definitely one of the worst.
Not getting certified is one of the most underrated financial mistakes you can make in life. Many people lean on their college degrees as a foot in the door without maximizing their potential with a certification. Even if it isn’t mandatory, the lack of a certification can leave thousands of dollars per year on the table. As you go through life getting promoted, the money you’re missing out on becomes even more apparent.
Save Your Money
When money is parked in a good investment, then there is no chance of it being spent in a bad way. Look at long-term investments that reward you for letting the money sit. Financial mistakes happen, but you are in full control of preventing them.