Money Mistakes

Buying a Car: 3 Mistakes to Avoid

09.09.2011 by Jason Topp 7 comments
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If you’re like me, you probably made your fair share of financial mistakes during your college years! Unfortunately, I racked up a lot of credit card debt and had to start a toilet-cleaning campaign to wipe it out. I also had to take an early IRA withdrawal to pay off the debt too! Not only did I goof up with credit cards, but I also made some dumb mistakes with a new vehicle purchase.

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Money Mistake #5: Infomercial Impulse Shopping

01.06.2010 by Linda 9 comments
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This past Saturday I woke up before Bob. He wasn’t feeling great, so I knew he’d be sleeping for a while, so I started watching TV. There were so many infomercials. I’m rather proud to say that I’ve never bought anything off an infomercial because my parents trained me that anything you buy off TV is probably a rip off. Lately, though, there have been some intriguing things for sale on TV that I’ve kind of wanted. I’ve also wanted the experience of buying something off TV. There were actually a few things I saw yesterday that I even wanted. But I of course refused to buy them…

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Money Mistake #7 – Assuming that a college degree guarantees a good job

05.24.2009 by Bob 5 comments

I made this mistake not too many years ago. In fact, I somehow had it in my mind that upon graduation, employers were going to be banging down the door to hire me. That might be the case for nurses or pharmasists, but with a degree as general as Business Administration, it just isn’t likely. [...]

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Money Mistake #6 – Seeking to impress others

05.12.2009 by Bob 11 comments

When I am making a purchase or any other decision, I have found that asking myself if it is to impress others or to please God is a normally a good test of my motives. For me that is usually an easy way to find the right answer.

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Money Mistake #4 – Not having a schedule for bills

05.04.2009 by Bob 22 comments

I was wondering how to pay bills and this was the solution I came up with…

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Money Mistake #3 – Not paying attention to interest rates

04.07.2009 by Bob 3 comments

I don’t remember what the interest rate was that they were charging her, but it was obviously pretty ridiculous. And for me, even though I was playing the 0% balance transfer game with all of my credit cards, It wasn’t until I saw this that I finally understood the importance of having a good interest rate.

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Money Mistake #2 – Thinking that money solves money problems

03.31.2009 by Bob 13 comments

Money doesn’t solve money problems… I know it sounds absurd – doesn’t it? But the truth is that just like an alcoholic doesn’t break free from the addiction by drinking more, our money problems don’t go away with more money either. The reason it sometimes appears that they do, is because it can cover them up – for a while.

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Money Mistake #1 – Paying too much for a car

03.17.2009 by Bob 8 comments

It is obvious that overpaying for something isn’t a good idea, but with cars it is especially a bad idea. The reason is that cars are depreciating assets, so if you take a loan out for your purchase, you immediately enter into a race to pay the car loan down faster than the value drops. In my case with the convertible, I did a lot of things that ensured I was going to lose this race…

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