National Debt Relief Talks About Practices That Sabotages Financial Planning
New York, NY (PRWEB) November 25, 2016 -- National Debt Relief recently shared in an article published November 18, 2016 some of the most common money practices of consumers that sabotages their finances. The article titled “Your Finances and How to Sabotage Them in 5 Easy Steps” lists down some of these practices and ways on how to address them.
The article starts off by pointing out that consumers who had financial lessons in high school or in higher education are considered to be lucky. This is because a lot of consumers go on with their life without any formal lessons in money management. This is one of the biggest reasons why a lot of bad financial practices persist.
One of these practices that destroys a consumer’s financial plans is not saving for the future. It is one of the most basic tools people use to strengthen their finances. There are a lot of reasons to save such as preparing to buy a house, saving up for the children’s college education or even for retirement purposes.
Retirement savings is one of the biggest mistakes people make because they believe any amount or percentage of their income will do. The idea with retirement savings is to max it out as much as possible to take advantage of compound interest. The more people have in their nest egg, the bigger the interest it can earn over time.
The article also points out how people believe that carrying balances on their credit card is an acceptable practice simply because a lot of people are doing the same thing. What they need to realize is that paying the minimum on a card statement eats up on their funds due to interest payment. To read the full article, click https://www.nationaldebtrelief.com/sabotage-finances-5-easy-steps/
Paul Ritz, National Debt Relief, http://www.nationaldebtrelief.com/, +1 888-703-4948, [email protected]
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