Money Lessons I

I believe money lessons are very important aspects of life to help anyone be great with money management. The lessons we learn can come from random places within life and at random moments. What I am hoping to accomplish with this post is to make all of you aware of the mistakes you should avoid, this will solidify, if you finish the post, the important message you will receive below.

Money Lessons:

Never take out a pay-day loan, interest is about 359%. (Just not smart)

Do not ever pay a debt consolidation company to help you get out of debt.

Avoid missing or being late on a loan payment

Owe the IRS, pay them off ASAP to avoid penalties and interest fees

Never borrow from the 401K as a loan (Unless you will avoid bankruptcy/foreclosure)

Do not get your pay garnished by being irresponsible and not making payments

Avoid bankruptcies and Foreclosures as it will damage your life for 10 years

These are some of the worse money mistakes you could make with personal finance. I think with information many money decisions and or mistakes can be avoided before a serious issue may arise. On the other hand if you do not care and are living life by always yelling out YOLO then one of these issues might hit your doorstep if you are not careful. Digest all of these lessons to make you an efficient and powerful decision maker when it comes to handling your paper.

I hope you all have never experienced the mistakes above because they are a total bummer. It can take you years to recover from getting your Money mojo back on track. On the other hand if you are struggling with one or a few of the issues listed above, you can get help from a financially responsible family member or read more personal finance books to improve your situation.

Comment if you agree to avoiding the money lessons listed above?

Rich Uncle EL