About the Video
Here are 5 money mistakes (and traps) that you SHOULD avoid at all cost in your life, else it may just set you back financially for years. Money mistakes happen all the time, so it’s best to know these so that you don’t end up being one of the victim.
🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ https://www.interactivebrokers.com/mk...
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⬇️Timestamps:
0:00 → Intro
0:24 → #1 – Trying to get rich quick
2:26 → #2 – Trusting people too easily
4:31 → #3 – Not building a skill
6:40 → #4 – Accumulating more debts than you can handle
8:38 → #5 – Not having a medical card
10:20 → Share this video!
For many of us, managing our personal finances seem like a no-brainer thing to do on day-to-day basis. However, there are time where life throws us a curve ball which may invoke our emotions – and that may lead to us making irrational decisions that may set us back financially for years.
One of such “opportunity” that may present in broad daylight are Multi-Level Marketing (MLM) businesses that involve selling products to family and friends and recruiting other people to do the same. Some MLMs may turn you a profit but according to a research by the Federal Trade Commission (FTC), a whopping 99% of recruited sellers lose money in an MLM venture. That means just 1% actually turn a profit.
Before starting in any business, regardless of the product or service, do your research and find hard numbers on your odds for success. However, you should never start a business where the odds of success are better at a roulette table in the casino.
On a separate note, not building a skill in your 20s (when you have very minimal to no commitments) may also set you back for years. Imagine – your peers earning double, triple (or more) compared to your monthly income because you were late to the online business/freelancing world where there are plenty of golden opportunities laying around.
Besides, taking on too much debt (highly leveraged) to the point you are living from paycheck to paycheck is considered a risky way of managing your personal finances. It takes one single late payment to leave a deep scar (and damage) on your credit score, which consequently may affect your future borrowing capabilities. So make sure you don’t have any late payment history!
Lastly, having a medical card (even with the least coverage) is crucial to your finances because we cannot predict when accident will happen, if it ever will. The primary function of a medical card is to pay for your hospital admissions, surgeries and medical treatments. Your medical card will take care of your medical bills, in return for the regular premium that you pay to the insurance.
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Disclaimer: This content is provided by a paid Influencer of Interactive Brokers. Influencer is not employed by, partnered with, or otherwise affiliated with Interactive Brokers in any additional fashion. This content represents the opinions of Influencer, which are not necessarily shared by Interactive Brokers. The experiences of the Influencer may not be representative of other customers, and nothing within this content is a guarantee of future performance or success.
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