Many wrongs don’t make a right. In this post we will discuss “3 wrongs” or mistakes present in almost every household in today’s society, keeping people living paycheck to paycheck or worse, working well into their 60s or 70s. Even in the personal finance realm, a savvy investor can make many blunders that can derail his/her financial independence journey. Still, recognizing these three wrongs can be the difference between retiring at 45 or 70 years old. Yet, after reading this post, I hope the “Three Big Wrong’s” can be brought to light and avoided. Let us jump right in to help expedite our journey to financial independence.
Spending Habits
Many people are drenched in those expensive purchases. Take a minute and look around in your closet. How many name brands are there? How many empty shoeboxes do you have? What “kinda” car do you drive? Do you operate a Mercedes instead of a Honda? Now you don’t have to answer, but I bet you are a “healthy spender”! It’s a flawed ideology if you are; however, it’s even worse if you don’t recognize the problem and stop it!
Bad Relationships
Over 50 percent of the United States population have endured a divorce, and it’s even higher with negative, consuming relationships. A bad relationship or divorce can be a great learning experience for many, and it was for me. A bad relationship can not only drain you emotionally, but it can be a train wreck on your finances. Remember reading about the Lottery winner that is now broke but bailed her “baby daddy” out of jail for millions of dollars?
A divorce is a strict divider; it will split your hard-earned net worth down the middle literally, especially here in the bible belt! Recognize bad relationships and move on sooner rather than later for your sanity and finances!
Adult Children
That’s right, adult children are not only an oxymoron but can be a collapse to your financial structure and retirement strategy. When I talk about “Adult Children,” I refer to those “live at home” adults who never grew up to be adults. Yes, I’m talking about a 35-year-old son that is no longer in college, not contributing to society, living in the attic, aspiring Bon Jovi music addict that is costing his parents monetarily for his negligence. (true story)
Don’t fall victim to these three wrongs, and you will be well on your way to financial independence!
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