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Financial Choices That'll Hurt Your Savings | Get Financial Freedom Tips Friday, February 15, 2013 Home Financial planning Financial Tips Personal finance Financial Choices That'll Hurt Your Savings

Financial Choices That'll Hurt Your Savings

Denny Jones 2:42:00 AM Financial planning, Financial Tips, Personal finance,
Making  money is probably a common goal that all people share, regardless how  wealthy or broke each individual may be. However, when it comes to  getting into the financial world, one needs to walk on eggshells to  avoid falling in traps that can hurt our personal finances. Money that  you earn with your hard work is really the only money you can count on,  so any plan that you have in mind to invest it and make it grow should  be carefully revised first.

Saving Money to Investing It is always a good decision to put aside some money from your income  to open a savings account. Yesteryear, grannies used to save their  money underneath their mattresses because this location was considered  the safest place. Overtime we learned that it is not, beside money at  home does not produce any more money either. However, the main risk when  idle money is at home is that you feel tempted to spend it on frugal  things. Some banks pay interests to savings account holders, but it is  usually very little if compared with other investment instruments and  here is where you may start in the wrong direction, and risk your  savings investing in them.

Take Out Life Insurance

A common belief allegedly claims that life insurance policies are a  clever investment to get paid interest rates while people are still  alive. There is too much to discuss on this matter and if it is true  that life insurance coverage is usually the right decision, it might not  be for you. The main is that if the sole purpose to take out this  policy is to invest your money thinking of dividends that could be  generated with it, because it might not be as productive as you think.

Loans and Payday Loans

Other people prefer to play it "safe" and invest in the stock market on their own, or get involved in high-yield investment programs, but not having enough money for venture, they look at loan companies to finance their financial projects. While it is very easy to apply for a payday  loan, you must refrain from borrowing money to fuel your investment  plans because the high interest rates of these short term loans will  overwhelm you before you can actually get the dividends that you expect  from an investment. Borrowing a regular personal loan is not the  solution either as being a larger amount of borrowed money; interest  rates may trap you anyway.

Forex and HYIP

Many people that invest in currency exchange believe it is the safest  way to avoid hurting their saving because Forex is an infallible  financial scheme. Similarly, they think that HYIP (High-Yield Investment  Programs) are the fastest way to get the hugest amounts of money in a  small amount of time, which reduces the risk the damage to their  hard-earned money. Even though, you must not believe in them.

Going Blind Into the Financial World

There are many ways you can invest your money, but most of them may  hurt your savings if you go blindly after the goal to make your  investment grow without learning more about the financial world.  Therefore, before risk your money, analyze the opportunities, and  evaluate possible loses to avoid regret.

Tags # Financial planning # Financial Tips # Personal finance 
Personal finance
By Denny Jones at 2:42:00 AM