Seven Deadly Sins of Personal Finances Much is written on the “biggest financial mistakes” that people make with helpful tips for avoiding them. We’re used to seeing many common examples of how people can get themselves in trouble through certain activities, such as charging up credit cards, making minimum interest payments, buying cars new rather than used, not shopping auto insurance plans, etc. The list of common mistakes people make in their finances can fill a book, yet they are all rooted in the failure to adhere to the most basic rules of finance. If you follow these rules, you will be less likely to make the common mistakes. If you fail to follow the rules you will be committing one of the seven deadly sins of personal finance and the mistakes will likely follow.
When it comes to admitting that women are better at certain things, men have a difficult time conceding any degree of supremacy. One of the more contentious debates in the gender stakes is over which is the better driver – the male or female of the species. Of course, as with any contest of proficiency, establishing superiority is contingent on what exactly is being measured. While, men will invariably point to their superior parallel parking skills, the case for women is bolstered by insurance statistics that clearly show men are more likely to crash their cars. Men may be able to boast of their superior skills, but, according to the insurance companies, women are safer drivers, which by their measure, means they are better drivers.
Of course, much of this can be explained by the volumes of studies on gender behavior. Women are naturally predisposed to avoid risk where they can; women are better able to keep their egos in check so driving is not a competition to them; in times of stress, women are better able to exercise self-control and discipline; and women generally take the long view on matters of life, which means they’re not in as much of a hurry.
If you’re human you couldn’t possibly have avoided thoughts of what you might do if you had won the recent Mega Millions lottery of over $640 million.
You’re entertaining some friends at your house and everyone is having a marvelous time. Suddenly you hear a crash in the kitchen and you race to investigate. You find one of your friends laying flat on her back, unconscious.
If any good came out of the financial crisis and the Great Recession, it is that it made many of us become more financially literate and more aware of the need to pay attention to our finances. We now think before making purchases and we are better at prioritizing our expenditures.
Money is just one of those things that sometimes brings people as much pain as it does pleasure. As the economy in an up cycle of the recession, things are looking better but just the thought and uncertainty of an unstable economy is often enough to bring the fear back into people’s minds
Choosing a financial advisor is tough. There are generally a lot of options so how do you differentiate the crème de la créme of advisors who you can really trust to manage your hard-earned money?
Regardless of your age, the thought of not having to work, but still enjoying a great quality of life is probably quite appealing. Retirement sneaks up on you as each year goes by faster and faster.
We all have a certain emotional attachment to our money, which is very logical since we work hard to earn it. We don’t always make the best financial decisions with our spending, especially when we are in heightened emotional states.
While we’ve all heard from time to time that the best answer is yesterday, we understand that there’s no way to go backwards and change the past. That’s why at UWM we believe the best answer to this common question of, “When Should You Start Financial Planning?” is today.