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The List of Dumb Ways You are Throwing Money Away Right Now
And easy ways to change them
9 min readAug 6, 2022
- Paying for financial advice. This one is crazy. Most of the information is out there. Even Warren Buffet’s and Jim Simons’ holdings. You don’t need The Raging Bull or Motley Fool to tell you what to do. Sure, some people do give out a plethora of advice in a concentrated fashion if you want to do specific things, but it’s never complicated. Don’t give someone a lot of money just to end up losing it all anyway.
- I’m losing money if I don’t buy it. Just because it’s on sale or it’s in the clearance section doesn’t mean it’s discounted. The store got that from the distributor or the wholesaler for pennies on the dollar. You see half off, so you think half off. Half off is the regular price.
- Buying things when you’re bored. Everybody has some tendency to impulse buy. Whether that’s clothes, jewelry, new car, etc. If it isn’t an occasion for your significant other or someone you love, you can leave it alone. The money in your account looks nicer than the steering wheel you have your hands on.
- I need to hold a balance on my card so they know I’m using it. Uh, no you don’t. The only thing the credit card company gets is your interest. And they deduct the interest first off the payment amount — this means if your principal is…
