Life Kit Common financial mistakes to avoid
52 snips
Aug 6, 2024 
Yanely Espinal, a financial educator dedicated to improving financial literacy for high schoolers and author of "Mind Your Money," shares vital advice on avoiding common financial pitfalls. She warns against co-signing loans and hype-driven investments, encouraging listeners to spend wisely and not exceed their means. Espinal emphasizes the importance of smart borrowing strategies, such as favoring credit unions and establishing financial boundaries. With practical tips on budgeting, savings, and long-term investing, her insights aim to empower better financial health.
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Borrowing Smartly
- Understand the lender-borrower relationship as a business transaction, not charity.
- Negotiate for the best interest rates and loan terms, and avoid desperation.
Shop Around for Loans
- Comparison shop loans and consider credit unions for better interest rates.
- Establish a credit union account before needing a loan to build a relationship.
Co-signing Caution
- Yanely Espinal shares a personal anecdote about refusing to co-sign a loan for her godsister.
- Instead, she offered alternative support like budgeting help and credit report review.
