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Worst Financial Mistakes that Could Haunt you for Years

November 24, 2009

Author: William M. Davis



Everyone makes errors, especially in finance, but some prove to be more costly than others. Such financial mistakes could haunt you for years or even your entire lifetime. Let us see some of them here:

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  1. Using Credit for Basic Living Expenses: A recent survey reported that 4 out of 12 months, credit card debt was used for basic living expenses in 1/3 of American families on an average. And, half of these people missed or made late payments at least once last year. This is highly dangerous as credit card debts are difficult to pay off and have huge interest.

  2. Signing Loan Documents Blindly: How many of us read a document before signing it? Don’t be guilty-many don’t! It is vital to read the loan documents as they might have various hidden clauses that you did not know and may lead to increased payments now and later.

  3. Paying only Minimum Balance Due: When you pay only the minimum balance due on your credit card debts, you end up paying more interest. This is definitely not wise. So, try and pay a little more than the bare monthly minimum.
    4. Worst Financial Mistakes
  4. Inadequate Insurance: When you do not have adequate insurance, you are not equipped to handle any unexpected emergencies that may arise which may lead to heavy out-of-pocket expenses.

  5. Missing timely payments: When you don’t make timely payments, it is a black mark on your credit report. You may not be able to get loans at favorable rates thereafter.

  6. Many Stocks in one Company: Don’t put all your eggs in one nest. Diversify when you make investments as this reduces your risk. Also, don’t invest all your retirement money in your own company.

  7. Think…and think wisely: Your best friend is starting a venture and you want to invest it. Go ahead but only if you think it would get you good returns. Don’t invest money or sign collaterals for projects your mind doesn’t believe in. Use your head, rather than heart, in money matters.
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Categories: Categories Credit Card Debt , Debt Management

One Response to “Worst Financial Mistakes that Could Haunt you for Years”

  1. Anonymous says:
    December 4, 2009 at 5:00 am

    When you pay only the minimum balance due on your credit card debts, you end up paying more interest. This is definitely not wise. So, try and pay a little more than the bare monthly minimum.

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