Engaging in just a little bit of active financial planning can go a long
way toward securing your future. However, the best laid plans are still
subject to mistakes from time to time. Making a stupid move could cost
you in a big way and set you back in your financial plan. Some common mistakes
could force you to reevaluate your situation and tweak the plan a bit.
Getting a DWI
One example of a stupid mistake that could set you back financially is
getting a DWI. Many people have a few drinks with friends and then decide
to drive home. You could get pulled over for having a tail light out or
for a rolling stop at a stop sign. Regardless of why you get pulled over,
if you have any alcohol in your system, you could be charged with a DWI.
This not only looks bad on your driving record, but it could cost you thousands
of dollars for a single mistake.
You may have to hire a skilled DWI attorney to get yourself out of this mess. Hiring a good attorney will
cost you some money and you may have to pay a fine on top of that. In some
cases, you may have your license revoked which will affect your ability
to get to work and earn more money. Before getting behind the wheel after
drinking, you may want to think about the potential financial consequences.
Not Buying Insurance
Although insurance is a pretty common thing to buy, many people overlook risks in their everyday lives. For example, most people have life insurance,
but never even consider buying disability insurance. If you die, your family
will be taken care of with your life insurance policy. However, if you
are permanently disabled, you may not be able to bring in any income and
you will still have all of your same obligations. Having an income while
you are disabled is vitally important and if you don't have disability
coverage, you're putting yourself at risk. Becoming temporarily or permanently
disabled could set back your financial plan in a big way.
Getting Off Track
Coming up with a financial
plan is always a good idea. However, many people make unnecessary purchases
or expenditures which take them off track. If you're going to set up a
financial plan for yourself, you must stick to the plan and avoid any unnecessary