10 ways you’re sabotaging your financial well-being

10 ways you’re sabotaging your financial well-being

1. Over sharing your financial situation – Did you recently become the recipient of a structured settlement annuity, inherit some money or get a raise at work? Keep it to yourself otherwise you may be the target of thieves or others looking for ways to cash in at your expense.
2. Living above your means – Are you spending more than you make? Do you have a well-funded emergency fund and other savings to help you if the need should arise? If not, creating and sticking to a budget is long over due.
3. Clicking on phishing emails – Banks, the IRS and most companies will not request passwords or other personal information via email because it is not secure. Instead of clicking on the links, go to websites directly to login.
4. Excessive posting – Do not post your whereabouts, recent purchases and personal information on social media sites unless you want people to break in to your home or steal your identity.
5. Lending or giving money you don’t have – Don’t lend or give money to others that you can’t afford. Chances are you will never see the money again and there will be ill-will with the borrower.
6. Not checking your credit report – It is important for your future to make sure that you’re not a victim of identity theft. It is also important to keep on eye on your credit history and report any inaccuracies. Most people only worry about their credit when they need it. Be proactive.
7. Giving out too much information – Do not give personal information such as credit card numbers, social security numbers, bank account numbers or passwords to people who call on the phone. Most of the times it is a scam. Hang up and call your bank directly with the information provided by your bank, not the caller.
8. Co-signing loans or opening joint accounts – If the person is late with payments or misses a payment you will be on the hook for the money. Also it can damage your credit.
9. Late payments – If you’re making your payments late, you not only ding your credit you’re paying additional late fees.
10. Not reading the fine print – When you buy something on credit, open a bank account, lease something, buy a financial product or sell your structured settlement there is always contractual information enclosed. Read the details before you sign and understand what you’re signing otherwise you may be surprised by fees and requirements hidden in the details.

CBC Settlement Funding