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Common Financial Pitfalls

Common Financial Pitfalls. Not understanding the impact of compound interest. Being more concerned about the monthly payment rather than the interest rate.  Using payday loans. Not saving or paying yourself first. Buying too soon—when you want something not when you can afford it.

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Common Financial Pitfalls

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  1. Common Financial Pitfalls

  2. Not understanding the impact of compound interest.

  3. Being more concerned about the monthly payment rather than the interest rate

  4.  Using payday loans

  5. Not saving or paying yourself first

  6. Buying too soon—when you want something not when you can afford it

  7. Not having an emergency savings

  8. Signing up for cell phone monthly payments and getting stuck in a contract

  9. Financing an education on credit cards instead of student loans

  10. Trying at-home business scams with high startup fees

  11. Not saving early enough in life for retirement

  12. No understanding of how insurance works or what it covers

  13. Not factoring in late fees, extra charges, and taxes to a cell-phone plan

  14. Having a “get rich quick” philosophy rather than a “get rich slow” strategy

  15. Lack of budgeting

  16. Bouncing checks and paying for overdraft fees

  17. Paying for ATM fees when withdrawing cash

  18. Following bad investment advice

  19. Not knowing how to read credit card applications

  20. Not knowing the financial consequences of DUIs, drunk driving, speeding, etc.

  21. Making minimum payments on a credit card.

  22. Not knowing yourself well enough to know your spending weaknesses

  23. Not taking advantage of an employer contribution to a retirement plan

  24. Buying too expensive of a car

  25. Procrastinating on making important financial decisions like saving

  26. Heaping on the credit card debt

  27. Giving out your Social Security number on the internet

  28. Answering a solicited request over the telephone or e-mail

  29. Entering into service contracts (extended warranties)

  30. Not having adequate health insurance coverage

  31. Not realizing that if the deal is too good, then it probably is!

  32. Being afraid to ask for advice!

  33. "When I was young I used to think that money was the most important thing in life…

  34. …Now that I am old, I know it is." Oscar Wilde

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