Problems because of poor money management?
I am in personal finance! I need everyone’s help. I need examples and stories of people who have had serious problems because of poor money management. Briefly explain what they did wrong.
EX. A friend of mine got married and shouldn’t have gotten married due to their financial situation. For their wedding they borrowed lots of money and 18 months after marriage filed bankruptcy and got a divorce.
All and any examples are greatly needed! I need as many stories as I can get.
Thank you so much for helping me out! I appreciate it greatly.
– borrowing for a wedding
– renting furniture
– financing jewelry
– buying a time share
– leasing a car (unless you are, of course, rich)
– finnacing plastic surgery
In conclusion, financing anything that is not a house can be considered to be a bad finanacial move
– borrowing for a wedding
– renting furniture
– financing jewelry
– buying a time share
– leasing a car (unless you are, of course, rich)
– finnacing plastic surgery
In conclusion, financing anything that is not a house can be considered to be a bad finanacial move
References :
Just read the postst on here!!!! There are hundreds today alone where people are trying to figure out how to get out of their financial problems.
Thayer almost all boiled down to spending mor than they earn, not keeping a cash emergency fund equal to 3 to 6 months expenses, and not paying cash for items.
So many people buy based on whether they can afford the payments. Then they lose a job, and the house of cards crumbles down. When you spend every penny on your bills and payments, you ate living beyond your means. I’m not saying you can never finance anything, but you better be able to make those payments for 3 to 6 months even if you lose your job. In this economy, 12 month might be a more realistic buffer.
References :