They forgot the most important financial mistake of all to avoid, being born into a poor family.
I can agree on all points except insurance. Keep in mind that insurance company is making a bet with you that you will collect much smaller amounts from them compared to premiums you will be paying out all your life.
I never bought collision insurance since first new car in 1964. I am good defensive driver, never had an accident in 64 years of driving in places like Chicago (37 years of 70 miles round trip to work every day through entire city of Chicago), I made the right decision to buy only required minimum liability insurance. I can buy 2 new cars with the money saved. Currently I am skipping home insurance since fire hazard odds are extremely low in a 5 year new house. If house burns down to ground, I can build a new one with savings. In the meanwhile I am saving 4 figures every year.
I borrowed from my 401k, invested it in risky stocks, and now, I self-insure.
Guess I did it all wrong, huh?
Marrying the wrong person is the most important one.
You can make every mistake on the list and muddle through—but if you marry the wrong person you are toast.
“Marrying The Wrong Person “
That is the hardest!
My mother went though 4 husbands.
I despised her for her inability to adapt
and the Schiff she drug me through.
Y’all don’t speak ill of the dead but
she died a lonely old lady, with no family around
for comfort. My dad died with a house full of family.
What did I learn, I’ve been married to the same woman for 47
years, My house gets invaded by Hanai nephew and nieces
daily, If die at home, I won’t be alone.
God and Jesus will be here also.
Shooting from the hip but by sad experience: Do not hire an unlicensed contractor by word of mouth for a home improvement effort.
“Marrying the wrong person.”
Did that once.
Letting your crazy girlfriend who can’t hold a job move in with you. (Not my experience, but I know someone...)
Spending More Than You Earn and not Having An Emergency Fund will torpedo anyone.
*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.
“Marrying The Wrong Person”
yep
Not really if done properly. I borrowed from my Thrift Fund which is really a government 401k for employees. The interest I paid went directly into my my account. I was borrowing from myself. I bought a house with this. The loan from my 401 K paid for the land and the rest was by conventional loans. The bank was quite happy to lend me what I needed at a low rate as the land secured the loan. The bank could not lose if I defaulted. That borrowing from my 401K plus the bank loan was 150K. I paid it all off early and said same is now worth about 600k. Wise borrowing from a 401k is good. Unwise borrowing from a 401k for just expenses is financial disaster when you retire.
I did well and retired in nov 2021 then the economy went south thanks to congress spending over $2 trillion more in 2021 which caused the massive inflation. Now we have proof on how corrupt the gov’t is with our money.
Many people do well then they find out the 401k money is not worth as much because of the corrupt gov’t.
My stock went down and after 3 years the stock did recover but is down again.
My retirement plan was for it to be at $100. It was $154 when I did retire and it is now at $111+
I am on hold on doing some of the things I want so back to writing the great American novel and selling it for a bundle : )
Getting married without a prenup if you have any money is by far, the worst thing you can do.
Hell, getting married at all, can be a lifetime drain on your resources, if she divorces you and you have kids...