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Five Ways to Go Broke

While we’d much rather focus on giving out healthy financial tips, sometimes it’s beneficial to also take a look at some behaviors that may get you in trouble if you keep them up.

Here are a few sure fire ways to derail your financial plans.

  1. 1. Ignoring your current situation: The worst way to handle any of your poor financial habits is to simply ignore them. By looking the other way, you’re not taking that first step in figuring out what your financial goals are.

  2. 2. Listening to unqualified people: Hey, we get it, your Uncle Bob always has the best financial tips, but he’s still trying to get rid of that boat he bought back in the summer of 2005. When you want to start being serious about your financial future, consult with a professional.

  3. 3. Not having an emergency fund: According to Bankrate.com, 28 percent of the population has absolutely no emergency fund, even though there have been studies to show that nearly everyone who is living above the poverty line can save up to $20 per week

  4. 4. Buying a house outside of your means: Many people think bigger is better when it comes to owning a home. However, a larger home means more out of pocket money per month. Purchasing one outside of your means could put you in another house, the poor one.

  5. 5. Waiting: The longer you wait, the longer it will take for you to change your situation, even if you’ve already acknowledged that you need to do things a bit differently.

Contact Steel Valley Investment Group of Raymond James for more information on how you can take control of your financial future.

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