Correcting Your Money Mistakes | Ramblings of an e-trader

Friday, 4 May 2007

Correcting Your Money Mistakes

I came across a news article on Reuters written by Linda Stern on April 25, 2007 with the headlines, Correcting your money mistakes.

It is a very interesting and informative article which everyone should read. It will save your a bit of money in the long run. I believe that no one can implement the tips straight away after reading the article, but these are something that one should bear in mind at all times and it take a little practice to condition one's thinking.

The following at the ten tips given in the article:

1. Get that education
2. Lose the fear
3. Research your mortgage and get a second opinion
4. Stop paying credit card issuers extra money
5. Get to know your banker.
6. Save and invest.
7. Investigate low-maintenance, low-cost mutual funds
8. Learn to ask "why" and "how much?"
9. Think of your bottom line.
10.Learn to trust yourself instead of following others.

I would like to add that these are not only applicable to our financial education but we have to:

1. Be educated in everything that you indulge in
2. Lose that fear of investing money/time/energy
3. Research on the subject matter at hand and get a second opinion
4. Stop using credit cards altogether
5. Get to know your bank and compare interest rates and fees charged
6. Save and invest
7. Invest in low-risk plans
8. Ask questions if in doubt
9. Think long term
10. Use your brains and trust your instincts

See, didn't I tell you that you can apply these ten rules in your daily living?

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