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Are You in Hot Water? Red Flags And Warning Signs

by Sara Westbrook
December 28, 2009
The trouble with the majority of us is that it takes the actual danger happening to us to be aware of the dangerous situation we're in, not minding in the least when the dangers are YET to happen. We are so used to ignoring the warning signs that when financial calamity strikes, we are left shocked by the problems that arise.

1. No Emergency Fund - Do you have at least 3-6 months worth of your monthly expenses in a savings account? Sometimes people refer to this as their "Emergency Fund", so that if any case that a major disastrous event may happen, like losing a job or serious family emergency may arise, there is an available fund that you can reach in. Depending on credit cards is not the way to go.

2. No Health Care Insurance- Are you and your family members insured? Are you paying for your premiums on time? Health care should be one of the 3 top priorities. As there is no way that you won't ever be sick or ill in your life, you need a good health care coverage. This is especially important when one is involved in an accident or one needs minor or major operation and medical care.

3. No Retirement Fund - Have you maxed your Roth IRA yet? How about your 401k? Do you have any form of Retirement fund? If you don't have this or are neglectful of it, you better do something about it now. There is no certain thing about the future except uncertainty, but the least you can do is to try and get a safety net for yourself. Start young, as it is the perfect time to save for retirement because compound interest is your best friend.

4. Mishandling Credit Cards - Bad credit card habits are the downfall of the majority of its holders. It's not always a bad thing to use them, but using them for the wrong reasons or spending indiscriminately can lead you down that path. DailyFinance.com also reports on credit card companies that are raising interest with or without prior notice to customers, thereby successfully raising the debt levels of these people who are already in trouble. If you're using plastic to pay for groceries and basic items because you can't find cash for it, then it should be a warning sign for you. To get out of debt, manage your money as much as you can and make more than the minimum payment. Do not ever use one credit card to make payments off on another credit card, the interest will get you and compound itself, causing more money loss in the end.

5. Unhealthy Attitude and Mindset - When it comes to finances, there is more than just math involved. It actually reflects how you are as a person and how you make decisions in life. Money is very important, and having a misguided mindset about it doesn't help you create a stable financial situation. If you find yourself taking for granted your spending habits, being an indiscriminate and emotional shopper, not using discount coupon codes to their advantage then there should be a change in that! It's even more worse if you're till depending on other people to help you pay the utility bills or you find yourself having to ask your parents or relatives for money to help you out of your money woes, that is a bright red warning sign as well.

We have to be aware of the signs that point out the problems and potential catastrophe. Just like watching out for the weather channel, it might be a little tedious to listen to it, but if the storm do come, we will be lucky to be prepared and to know what we can do. This is all about preparedness, as times are tough and it's not going to help if we stop being mindful of what we are doing.


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Are You in Hot Water? Red Flags And Warning Signs
 

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