Life Kit: Money Avoid these common financial mistakes
Dec 29, 2025
In this discussion, Yaneli Espinal, a financial educator and author of Mind Your Money, shares her insights on common financial pitfalls. She emphasizes the importance of understanding lenders and suggests exploring credit unions for better borrowing options. Yaneli warns against the risks of co-signing loans and underscores the benefits of utilizing high-yield savings accounts. She also advises listeners on the merits of participating in workplace retirement plans and cautions against lifestyle inflation, emphasizing intentional budgeting to secure long-term wealth.
AI Snips
Chapters
Books
Transcript
Episode notes
Debt Payoff Became A North Star
- Yanely Espinal recounts being deep in credit card debt and targeting a payoff date of October 2015 as her North Star.
- She wrote Mind Your Money to share what she learned coming from a low-income, immigrant background.
Comparison Shop Before You Borrow
- Shop around and negotiate when borrowing because lenders run a business and charge profit through interest.
- Avoid taking the first loan offered when you're desperate and compare rates to prevent spiraling debt.
Use Credit Unions For Better Loan Rates
- Consider credit unions for loans because members often get lower interest rates and returned profits.
- Open an account before you need a loan so you can lean on that existing relationship for better terms.
