When you are consider about saving, you may think about all the things you should do and do them immediately, but do you ever think about the things you should never do with your money? These things are as important as the things that you should do with your money, they go together hand-in-hand, and you can’t have one without the other in the first place, so understand what you shouldn’t do with your money.
Control you money and not let your money control you. These are top 10 things you should never do with your money.
When you are looking to save money for a bigger purpose, then you need to take every necessary step to ensure your success in saving money so you don’t have any loose ends where money can just slip out and get lost forever. So without any further delay, here is the top 10 things you should never do with your money if you want to save money and have money for the future.
Don’t Cash Your Paycheck Immediately
I think is relatively quite easy to understand, as one of the first things you should never do with your money when you are trying to use it wisely. After you get your paycheck, you may want to spend on some well deserved items that you have been waiting for a very long time, but what you need to do is to not cash your paycheck immediately because you might end up spending too much and can’t control yourself.
Never Fall For Special Finance Deals You Can’t Afford
Whenever we are looking to make some quick cash, we always look for special finance deals that we can’t even afford, in promise of earning whole lot of cash in a very quick. It may be really tempting to fall for a special finance deal that sounds like it has been made just for you for your current financial situation but it is never true, the only thing will happen is you losing even more money than before.
Never Cosign A Loan You Can’t Afford
Whenever you are asked to cosign a loan, you must have a whole lot of questions in your head, but best advice that anyone can give you is that you cannot really know if the person is able to pay every single payment so it is best to prepare yourself for the worst. What is even worse is if you yourself can’t even afford the loan you have cosigned, you will only land yourself into a bigger mess.
Never Live Above Your Means
One of the other things you should never do with your money is live above your means. Often people love getting luxurious things to improve their lifestyle and their popularity, however this is incredibly foolish. You should be focused on the bigger picture, not on the present. You should be saving for your future, for your family, for your children’s education, etc. This is not the right way to build wealth, you need to plan better for the future.
Never Rely Only On Cash When You’re Travelling
Carrying cash may be a good alternative to running up credit card bills, but it has been recommended that you use traveler’s checks or credit cards as an alternative to cash. Why you ask? Well it is because if you are holding cash, you are inviting a great number of unfortunate situations to happen to yourself, such as robbery, theft, etc. All of this can even leave you injured or dead, and lose your money.
Do Not Ever Shop When You Are Emotional
One of the most top things you should never do with your money is go on a shopping spree when you are emotional. Life can be like a roller coaster sometimes, and you can never really predict the future, anyone can just come up to you and ruin your entire day, but shopping when you are emotional is like asking for additional debts, it is like eating when you are emotional, you can’t stop and eventually you will end up spending too much without ever satisfying your emotions.
Don’t Hire A Financial Advisor You Can’t Trust
When you require help you manage your finance, you need to find someone you can trust, You can’t just look for someone just because of their status. This can mean a big difference between building wealth for retirement or become a foolish victim of fraud or paying excessive fees. So do not ever invest your money with someone you don’t trust,even if you can’t pinpoint the source of the mistrust, trust your gut feeling.
Never Buy Too Much Company Stock
For those who buy company stocks, they know that it can be a really valuable addition to your portfolio, but do not put too much of your money into a single investment. If the company ever downturns, then you could lose all your investments and that is never ever a good thing. A good rule of thumb is to limit your company stock exposure to 10 percent of your total net worth.
Never Sign A Contract You Don’t Understand
This must be one of the most important things you should never do with your money. Do not ever sign a contract that you don’t understand. It is always a good idea to have an attorney to review any contract your considering to sign. Sometimes the high-pressure pitch to sign something can be really nerve wrecking, so this is a good excuse to get your lawyer to review the agreement. Remember, you can commit yourself financially for a very long time, and at a very high cost, by signing a contract you don’t understand. If you don’t understand it, don’t sign it.
Don’t Live Without Having Insurance
I think you have probably heard the words from a family member where they have spent so much money on some incident such as a car accident or some home structure problems or even healthcare. It is important to know that insurance may sound like you have to spend additional money every month, but when the big problem comes, it will be there to help cover most of your expenses to get things repaired and your health better.
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