Life Kit: Money Common financial mistakes to avoid
10 snips
Aug 6, 2024 
Yanely Espinal, a financial educator and author of 'Mind Your Money', shares crucial insights on avoiding financial blunders. She warns against the pitfalls of co-signing loans and hype-driven investments while emphasizing the importance of budgeting. Espinal also highlights the advantages of credit unions and advocates for a balanced investment strategy. With practical tips on selecting favorable loans and leveraging financial counselors, she guides listeners on creating a secure financial future, reminding them that it's never too late to change course.
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Debt-Free North Star
- Yanely Espinal counted down to October 2015 as her debt-free day while paying off credit card debt.
- She framed that date as a North Star that motivated her to become debt free.
Comparison Shop For Loans
- Shop around and compare loan options before borrowing money to avoid high interest and predatory terms.
- Consider credit unions and online marketplaces to find lower rates and establish relationships before you need a loan.
Join A Credit Union Before You Borrow
- Open an account with a credit union ahead of time so you have an established relationship when you need a loan.
- Use that relationship to negotiate better interest rates on car, personal, or mortgage loans.
