You Might Be Throwing Away Real Cash
Manage Your Money Wisely!
Most people don’t like to throw money down the drain. If you have it, you’d rather keep it. Unfortunately, many people inadvertently mismanage their finances and end up throwing real cash away. This can be avoided if you educate yourself about the best way to manage your money. Even when doing something financially worthwhile, such as buying a house, you can be doing it in a way that will lose you real cash.
Overstretching your Finances
While it is generally a good idea to buy a house or buy a car, you need to make sure to do it within the limits of your financial situations. Buying a house that is too big or expensive or buying before you are ready can overstretch your finances and get you into financial trouble. You should not be in a situation where you are thinking of taking an extremely high interest rate, just so you get a big enough loan. It is also important to have an emergency fund and have made up a budget that will assist you to pay off the loan on time. This is important for all loans, including car title loans.
Withdrawing Money from a Retirement Plan
This is always a bad idea. A small amount withdrawn from your retirement plan now compounds to a very large amount when you actually retire. It may not seem like much, but if you keep in mind that around $8,000 in a retirement plan at the age of 25 will translate to around $195,000 at the age of 65 with an 8 percent rate of return, you may change your mind about withdrawing the funds. It is generally more worthwhile to take out a short term personal loan, such as car title loan which you can pay off in a few months, rather than throwing away real cash.
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