While this old adage is true, I hope my children’s financial future is brighter than mine. I hope I teach them to make smart financial decisions. So if they do make poor financial decisions, it affects them only in the short term, rather than decades as some of my financial mistakes have affected me.
Here are some things I hope my kids do differently than me:
I’ve made my share of bad financial decisions over the years, but nothing feels worse than when a salesperson convinces you to buy something that’s not in your best interest. These kinds of rip-offs usually occur when one party has more or better information than the other.
Think about the first time you bought a car or the first time you went to the bank to sign your mortgage documents. Who controlled the conversation? If you were like me, you probably deferred to the “expert” sitting across the desk and happily signed everything they put in front of you.
One of the best ways to improve your income overall is starting a home business as a sole proprietorship. The good news is that you can take advantage of your expenses and income at tax time. What you spend on your business offsets some of your business income.Continue Reading