Josh Elledge - Chief Executive Angel
Money mistakes happen to all of us. But there are some that stick with you. You know the one”¦ that time you look back and think, “How could I have been so dumb?” Maybe you were suckered into a bad deal, maybe you wasted money on a product that was junk”¦
It doesn't really matter what it was, but it does matter what you learn from it. The only true benefit of money mistakes are the lessons they teach.
Here are some tips to avoid money mistakes:
(1) Never sign something you don't completely understand. If you need to, take the contract home or to a professional before signing. Ask questions until you do, and take the time you really need. Don't rush or feel pressured because you are embarrassed by your current lack of knowledge. You can change your knowledge level. What you can't change is a contract or commitment after you've already signed it.
(2) Never enter into a contract hinged on a time limit. (Such as pitches where a company can “˜only offer you this deal if you take advantage today'.) Any legitimate offer or deal will still be there tomorrow or the next day, after you've slept on it and researched the deal.
(3) Never pay for a transaction or bill if you suspect the amount is incorrect. Get the bill corrected first, then pay it. It is often harder to correct an error after payment has already been rendered.
(4) Never buy a product, start a service, or pay a bill until you are sure what you are paying for is the quality and quantity you expect. If involved, always read any fine print thoroughly. (If needed, employ the cautions from Step 1.)
(5) Never purchase a used vehicle, appliance or electrical item before making sure it's in good working order. If necessary, have it checked over by a professional. This goes double for pricy purchases.
(6) If you are married, consult and agree with your spouse. If one of you feels hesitation, heed that and slow down before proceeding with any decision that impacts you financially.
Here are some ways to research ahead of time:
(1) Search the internet for reviews and information about the product or service.
(2) Ask friends and family members if they know anything or have ever heard anything about the product or service.
(3) Study resources to understand more complicated deals and contracts.
(4) If necessary, consult a lawyer. It is often less expensive to get wise council than to make a huge mistake.
