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One financial misstep can cause extreme distress whether you have savings or not.
Overspending on luxuries can lead to serious credit card debt, and interest fees can add up quickly.
Charging purchases that you dont really need is a mistake, Kullberg said.
Kullberg called this a financial folly, spotlighting astronomical interest rates far exceeding credit card or personal loan rates.
Miss a payment and youre faced with even more charges.
Now you owe several times over just for borrowing from them in the first place.
Be cautious where and when you share your personal information.
Thats a costly error.
Only use Zelle for transfers to family or friends.
Dividend-earning stocks, business opportunities, and other ways to earn passive income can help you build wealth.
But only if you choose wisely.
Bad investments can wipe out your savings before you know it, Kullberg said.
But if you need emergency dental or vision care, its most likely not covered by your healthcare insurance.
Not having the right insurance can cost youhundreds or thousandsof medical bills overnight.
Most people dont think twice about paying for health insurance for ourselves and our family members, Cohen said.
They can get into things in the home or outdoors that can lead to catastrophic injuries.
You may still need to pay for any treatment before insurance reimburses the costs.
you oughta calculate how much you must pay monthly to zero out the balance before youre charged interest.
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