Life Kit Avoid these common financial mistakes
87 snips
Dec 29, 2025 
Yaneli Espinal, a financial educator and author of 'Mind Your Money', shares insights from her journey overcoming credit card debt as a daughter of immigrants. She highlights common mistakes in personal finance, like the importance of negotiating loan terms and using credit unions for better rates. Yaneli warns against co-signing loans and advocates for high-yield savings accounts. She emphasizes the benefits of 401(k)s, suggests investing in index funds over hot stocks, and advises tracking budgets to counter lifestyle inflation.
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Debt Payoff Mantra And Self-Taught Finance
- Yanely Espinal recounts targeting October 2015 as her payoff date while deep in credit card debt.
- She learned money management largely on her own as a low-income daughter of immigrants.
Compare Lenders Before Borrowing
- Shop around when borrowing and compare loan terms from multiple lenders before accepting an offer.
- Consider joining a credit union and build a relationship beforehand to access lower interest rates.
Don't Co-Sign Without Boundaries
- Avoid co-signing unless you accept full responsibility for missed payments and credit damage.
- Offer time, resources, or budgeting help instead of risking your credit when you can.
