Americans have different views on the current state of the economy, but with inflation still elevated, it’s sketchy at best. If you and your members want to keep your finances in good shape, here are three things you shouldn’t do…
Make poor investments: Finding a great stock or business to invest in can be a great way to make good money, but if it’s a not-so-great stock or business, it can be a great way to lose a lot of money. When investing in stocks, do your research and talk to a professional if you can. When investing in a business, it’s all about trust. Talk it over with someone you trust, trust your gut, and don’t trust your cousin who says his tofu hotdog idea is going to change the world.
Live outside your means: These days, it’s common for Americans to live paycheck to paycheck. Sometimes they have large, busy families and it’s a challenge to make ends meet. Other times it’s single folks or couples without kids who can’t control their spending. Either way, as hard as it is to do, you have to find ways to live within your means and make your money last. Just saving a little each pay period can really add up over time.
Listen to fraudsters: It seems like Ponzi schemes always fail eventually, but people get ripped off in the process so these fraudsters must be pretty savvy at scamming innocent people out of their life savings. If you’ve got a healthy savings account, don’t fall for the sales pitch of a snake oil salesman and definitely don’t get hosed over the phone. Find a financial advisor you trust and let them help you decide what to do with your money.