10 most common financial mistakes
In March 2018 what was the percentage of the U.S. household personal savings rate
3.1%
#6 most common financial mistake make people make
Using home equity like a piggy bank
What's a never ending payment
Items that you keep paying every month, year after year
When buying a house is bigger always better
not necessarily
What's one example of excessive spending
Eating / dinning out instead of cooking at home
#5 most common financial mistake make people make
Spending too much on your house
What happens when you borrow money to buy a car
The consumer pays interest on a depreciating asset, which amplifies the difference between the value of the car and the price paid for it
What do people do instead of setting aside time for their finances
people spend countless hours watch tv or scrolling through social media
What do people think swapping the retirement for the debt means
they think you will be pocketing the difference
What do smart homeowners want to do
Build equity, not make payments in perpetuity
Being able to afford the car payment is not the same as
Being able to afford the car itself
#4 most common financial mistake make people make
Buying a new car
Examples of never ending payment
Cable tv, music services (ex. Spotify or Apple Music), fancy gym membership
#1 most common financial mistake people make
Excessive spending
#3 most common financial mistake make people make
Living on borrowed money
#7 most common financial mistake make people make
Living paycheck to paycheck
What's essential for a comfortable retirement
Making monthly contributions to designated retirement accounts
#2 most common financial mistake people make
Never ending payments
#10 most common financial mistake make people make
Not having a plan
#8 most common financial mistake make people make
Not investing
#9 most common financial mistake make people make
Paying off debt with savings
True or False: do you lose money when you trade in your car every 2-3 years
True - you lose money on every trade
What does living on borrowed money mean
Using credit cards to buy your essentials
What does choosing a 6,000 square foot home for example mean
You get more expensive taxes, maintenance, and utilities
The inability to pay cash for a new car means
an inability to afford the car
Why shouldn't you live on borrowed money
because credit card interest rates make the price of the charged items more expensive (you'll spend more than you earn)
The money you spend dinning out could go towards ........
extra mortgage payment or car payments, etc.
What does it mean to refinance and take cash out for your home
it means giving away ownership to someone else, even thousand of dollars on fees and interest
If you are going to pay off debt with savings, you have to
live like you still have debt to pay - to your retirement fund
