On The Road To Ruin: The Worst Money Mistakes You Can Make
Bad financial management and bacteria have one thing in common: they flourish and mutate upon discovery. As soon as you realize you have committed bad money management, your error transforms itself into something else that looks too good to resist.
So how do you prevent yourself from making the worst money mistakes possible in this lifetime? Know your enemies! Study the worst possible money moves you can make. This way, you can recognize bad money management when you see it, even if it sports a striped tie and a toothy smile.
1. Never buy too much house.
Know that mortgage lenders will not always give you advice that serve your best financial interests. In fact, many mortgage lenders might even push you to buy too much house. Too much house refers to a home that is more than what you need, or could reasonably pay for.
Why would some mortgage lenders encourage you to buy too much house? The more expensive the house you buy, the bigger the mortgage lender’s commission. It’s even highly plausible your mortgage lender is in cahoots with your real estate agent. After all, a...