Life Kit Don't make these financial mistakes
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Jul 21, 2025 
Yanely Espinal, a dedicated financial educator and author, shares her expertise on avoiding common financial pitfalls. She stresses the dangers of co-signing loans and hype-driven investments. Espinal emphasizes the importance of understanding borrowing dynamics and cautions against high-interest debt. Listeners will discover strategies for financial empowerment, including managing budgets and leveraging high-yield savings accounts. Plus, she discusses the significance of financial literacy for making informed investment choices and building long-term wealth.
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Personal Debt Payoff Journey
- Yanely Espinal struggled with credit card debt and set a concrete goal to be debt free by October 2015.
- She used this goal as motivation daily to manage her finances and ultimately succeeded.
Shop Around For Loans
- Shop around and compare loan rates before borrowing money to avoid high-interest traps.
- Consider credit unions for better loan interest rates, as members benefit from profit returns.
Don't Co-sign Loans
- Avoid co-signing loans for others as you become fully responsible if they default.
- Offer alternative support like budgeting help instead of risking your credit by co-signing.
