The key to growing long-term wealth is to spend less than you make and invest the difference, but there are also some money mistakes you should avoid. Make sure you listen and avoid these money mishaps to win long-term.
Liz joins this week’s podcast as we talk about:
– Why whole life insurance is so bad
– The pros and cons of 401k loans
– Buying stuff you can’t afford and don’t need on credit cards
– Get rich quick schemes
– Trying to time the market
– The importance of tracking your expenses and net worth
– Lifestyle creep and why it matters
– Why emergency funds matter
Show References:
- friends on FIRE podcast #081 – Everything you need to know about life insurance
- Inside Out Money episode #055 – Our formula for how much to keep in your emergency fund
- friends on FIRE podcast #015 – Expense Tracking Gone Wild
- friends on FIRE podcast #016 – 401ks are your BFF!
- Inside Out Money podcast episode #034 – Predatory marketing tactics and scams – How to spot and avoid them
- Maggie’s favorite new deoderant: Super Deoderant
- Rich & Regular Blog
- Rich & Regular Podcast
- Rich & Regular Money on the Table YouTube Channel