Posted on 02/13/2025 5:23:02 PM PST by aquila48
Making Financial Mistakes is a natural part of life. Everyone does it, from young children to experienced adults. There’s no need to feel ashamed or embarrassed when you make a mistake. Instead, view it as an opportunity to learn and grow. After all, making mistakes is how you become better at everything you do.
-Not Saving For Retirement
-Borrowing Money From Your 401k
-Spending More Than You Earn
-Not Having Enough Insurance
-Investing In Risky Stocks Or Schemes
-Not Having An Emergency Fund
-Taking Out Loans You Can’t Afford To Repay
-Marrying The Wrong Person
-Avoid These Financial Mistakes At All Costs!
(Excerpt) Read more at yourmoneytoday.net ...
Letting your crazy girlfriend who can’t hold a job move in with you. (Not my experience, but I know someone...)
BS! You are one of those that think you are so much smarter than anyone else.
Poor people that make good....are the norm. There are millions just like Vance.
I trust you’re investing your savings in a self insurance fund that you maintain against an unlikely but devastating loss. If not, you’re deceiving yourself.
I had to raid 401K to pay off a ton of hospital bills that insurance didn’t cover from a few stays.
Lung clots and organ failure.
I borrowed from my 401k once. To my surprise, I wasn’t paying interest to myself at all.
I was born into a periodically homeless family of drug addicts.
Other than my complete contempt for drug users, I’m fine and easily in both the top .1% of income and wealth.
The circumstance of my birth is irrelevant
,
Life can mess up the best plans we can make.
All we can do is build up a cushion when times are good.
You can make every mistake on the list and muddle through—but if you marry the wrong person you are toast.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>..
I learned that the hard way but managed to escape any financial disaster. Following that escape I found a woman who agreed with me to avoid whenever possible making decisions that necessitate the involvement of the law. That was 51 years ago and my “bride” and I have never once regretted that decision.
This surprised me. I would not have guessed repayment would be so high.
https://www.perplexity.ai/search/what-percentage-of-people-pay-1K7uAeSbTVunIDd59pomYA
The organ failure (ruptured colon / diverticulitis) was the biggest monkeywrench ever.
That being said, after recuperating and time to heal which took longer than planned due to my surgeon dying unexpectedly right before and his worthless partner making excuses every month, a near lifetime of misery and pain had ended. The reversal went as planned when I got a good surgeon after firing that other guy.
Some attacks literally were blinding in terms of agony.
There's nothing wrong in being poor. But is is wrong to Look Poor.You look mahvelous.
Ive known people from poor families who became wealthy and successful.
Even a poor person can retire comfortably. If they are poor they are used to living on a meager income thus they wont need much in their retirement years. Beyond social security.
The key is to save at least 10-15% of your salary for 40 years or so.
Te issue with borrowing from most 401ks is the interest you’re paying back may not match what the market would have paid and most plans won’t allow you to contribute until its paid back.
I have a friend who back in the 80s lost his job & he had to cash out to support his family. He’s still working and he’s 70. Every dollar you invest in your 20s is worth $85 around the time you retire.
Hear hear. My father used to tell me to use two bricks and wack myself…
The reason borrowing from the 401k worked for me was that when I was borrowing the amount was relatively small (just enough for a down payment) and I was able to pay it back in just a couple of years.
My income got a lot higher after that so I was able to quickly crank a lot of cash into the 401K for several more decades and did just fine.
Meanwhile we got the house we wanted (which we still live in btw).
My wife’s grandmother managed to save money while living on Social Security. She would give her savings to her daughter in law to help pay for groceries.
Spending More Than You Earn and not Having An Emergency Fund will torpedo anyone.
I never said I am smarter than anyone. My ONLY POINT is avoiding insurance has made me richer than if I spent on insurance. Life is a gamble. Buying stocks or crypto is a gamble. But without some sensible risk, there won’t be many profits.
*Paying contractors up front
*Hiring technicians without checking reviews and ensuring 4/5 star averages
*Neglecting house and auto maintenence
*Using credit cards over 30% usage
*Late fees on bills
*Spending on booze/tobacco
*Screwing up your taxes
*Investing in stocks & stock gurus
*HOAs!!
*Gambling
*Leasing your investment property to an inlaw
These were my major $$ sins.
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