Comments on: 5 Best Ways to Absolutely Destroy your Personal Finances

By: Julie

Julie — Mon, 16 May 2011 06:29:06 +0000

Hey, which articles would you recommend for getting some idea on insurances (e.g. not covering too little or too much)? Thanks!

By: eager reader

eager reader — Mon, 04 Jan 2010 03:15:15 +0000

To Barbara B.,
Not just DirecTV, but any contract (such as a cell phone contract or apartment lease)…Find out what it will cost to end it.

To all,
Another dumb thing to do: quit your job in this economy without another one lined up first. A friend of mine just did that; I think he will regret this in 3 months…we’ll see.

By: Barbara Bosworth

Barbara Bosworth — Sun, 25 Oct 2009 08:24:26 +0000

How about adding don’t sign too many contracts?My biggest mistake so far being 23 is signing up for Directv.As much as I love them, it costs nearly $400 to exit that contract.So if you can’t make the payment every month what’s your choice? $60 or $70 a month or $400 in one shot?The other as much as I love my internet is that I’m tied to a two year contract which has $199 exit fee.I am insured to the teeth, with car,health,life, and short term disability.Statistically we are invincible.LOL That’s what life insurance and social security is based on.Statistically the older we get the more we get sick and die an the young pay for the older generation.When you don’t have parents,friends,or anyone for that matter to help you credit cards seem like the only way to go to pay for those new calipers or the drums you got in the junkyard but definitely a mistake.

By: Bradley Jones

Bradley Jones — Thu, 30 Jul 2009 15:38:36 +0000

I would have to add borrowing against your 401k to this list. This has hurt many people and is being done more often these days.

By: Philip

Philip — Wed, 22 Jul 2009 13:49:48 +0000

Regarding advanced degrees, I haven’t paid a penny for my 3 Masters or the current PhD I’m working toward, and that’s because I work for a company who pays for 100% of educational expenses. I always recommend that those with undergraduate degrees work for such an employer, getting paid while going to college for free. Often times the employer will provide a stock award upon degree completion, and a raise or promotion is much more likely.

By: Britt (Your Roth IRA)

Britt (Your Roth IRA) — Tue, 21 Jul 2009 18:27:30 +0000

@G.E. – I don’t know that I could write a better Top 5. Carrying a credit card balance is definitely #1. I especially agree with #4. Getting that graduate degree just for the promise of “earning power” is not a wise decision. Unfortunately, a lot of people still believe it’s smart.

You’d be much better off skipping the MBA and starting a part time business, especially a low overhead business such as an Internet startup or a Multi-Level Marketing (MLM) business. You’ll spend a lot less money, learn a whole lot more, and hopefully have a money making business at the end of the process! That sounds a lot better to me than $80,000 in debt to get the very stressful job…

By: emergency cash

emergency cash — Wed, 15 Jul 2009 22:18:44 +0000

For me, I think having an emergency fund is so very important. I can’t tell you about all the times I get an unexpected expense that puts my finances in a huge hole. My goal is to have 12 months of income put away.

By: Some guy

Some guy — Wed, 08 Jul 2009 08:29:43 +0000

To the guy who said MS makes you better, not necessarily… there is no magic you get from a MS if you have a decent undergrad degree.

By: Craig @ Money Help For Christians

Craig @ Money Help For Christians — Tue, 07 Jul 2009 19:20:25 +0000

Great list. I especially liked number 5. Young people especially tend to think they are invincible so they apply that mindset to their finances. Financial plans are typically made from the perspective of a best case scenario. A better plan is to assume the worst and plan accordingly.

By: Mr. Charles' debt guide

Mr. Charles' debt guide — Mon, 06 Jul 2009 19:59:32 +0000

I like this because so many people do this in hopes of being financially free when whats really going on is that they are actually ruining their financial future with this thinking. and the credit card point.ouch so many people bury themselves in debt with those little demons