There is so much bad information out there about money and finances. Where do we learn about money, investing, and good choices with our finances? First, our family, immediate family members are the first line of sight for us and how we handle money. If our parents/guardians cannot do well with the job, it will be very hard for us to see the dysfunction and to know how to pull out of it and change our behaviors with money.
Please realize that advice from others can have ulterior motives packed in with it... For example, your banker, your buddy? He wants you to borrow money, so he offers at what seems like the perfect time. He will make money IF you will just sign on the dotted line. He will offer high interest rates and throw in a credit card on the side. You probably already have a checking account that has fees ($7.00 up to $15.00 per month) and high penalties ($39.00) for overdrafts. Let me also mention fees for using other ATM's -- DON'T DO IT. Your goal is to pay NO FEES. EVER. It is money thrown out of the car window while riding down the interstate. It is your money in that bank, you should not have to pay to remove it.
Next, life insurance, this person usually shows up at work and has a policy to cover everything in your life that may never go wrong. Believe me, there is so much fine print, you need to be a Philadelphia lawyer to understand it all. Don't be pressured in a moment to decide to buy all that extra stuff that comes off your paycheck.
BE INTENTIONAL WITH HOW YOUR HARD EANED MONEY IS SPENT.
And then, finally, tax professionals will tell you that home mortgage interest is good--because you can deduct it off your income taxes....NOT SO FAST--again, be intentional - do the math and think it through! Paying interest forever to get a tax break is not a good idea!
These few examples merely scratch the surface of all the bad ideas folks will try to sell you. Just do one thing, stop and do the math--or just call a financial coach before you buy into an idea.
You are able to do your own management of your finances--it involves 80% behavior and only 20% is actual knowledge.
Get with me- a financial master coach and let's think things through-then you can make a final decision. Bigger problems?? Same math..Let's work it out the best way it can be handled.
Don't give up... You can do this..You can. Need help? CALL. Financial Pacemaker Coaching