Never Do These, According to Money Expert

14 Terrible Financial Ideas:

Making the correct money decisions is a hard thing to do in 2022. Financial experts recommend avoiding making these financial decisions.

Buying a Sports Car

Don't buy that old European sports car you've dreamed of since you were a kid. Even though you can finally afford it, trust me, you can't afford the repairs. 

That 401(k) Loan Will Cost You

If you think that you can pay off a 401(k) loan over time after leaving a job, think again. It depends on your employer, but you may have to pay it back immediately. 

Forgetting to Outsource

This advice can cause many investors to concentrate their portfolios on just a few familiar names. Many times these names happen to be large stocks that trade at premiums.

Parents might spend so much time cleaning up messes they get burned out and can't focus on work and miss out on a promotion. Ultimately, saving a few dollars by doing it all yourself can be much more costly in the long run. 

Penny Wise and Pound Foolish

Don't Loan Money to Family

A friend or family member needs money and asks you for a loan. You want to help, especially if it's someone you're close to. However, the time to decide how much you can float them is not in the middle of their crises. 

You will be extremely nervous when the market crashes without one year of cash set aside. With one-year cash reserves, you have enough to stop distributions from your investments and wait out the market storms. 

Avoid Retiring Without 1 Year of Savings

Don’t Avoid Money Conversations

Never legally tie your finances with someone else's — including getting married — unless you have first discussed money.  Finances are the #1 relationship stressor.

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