Today’s Quick Tip – Understand It Before You Do It
Before you make any financial decision, understand exactly what you are doing and why you are doing it.
- If you sign up for a credit card, understand the card’s terms and conditions.
- If you take out a mortgage, understand the mortgage’s terms and conditions.
- If you make an investment, understand the potential risks involved.
- If you buy and insurance policy, understand how the policy works and what it covers.
You get the point. Imagine that you have two jobs. First, there is the job that you do for someone else – the job you do for your boss and for your customers. That’s the job that pays you your salary. Second, there is the job that you do for yourself. You are both boss and customer. Don’t let the you of today sabotage the you of tomorrow. Take the time to educate yourself and you’ll be better off, in the long run, for it.
Do not be afraid to ask questions.
Do not be afraid to say no.
Do not be embarrassed if you do not understand something.
This is your future. You have a right to feel comfortable about the decisions you are making and the steps you are taking.
Bonus Tip –
Be sure to keep a copy of the terms and conditions associated with any financial product or service that you might use.
This is a fantastic tip and even if you think you understand, ask more questions that you think you should. If there is any doubt or grey area, drill it out of there. I have been burnt by not asking in the past.
Your tip about TOS is great too, save those so at least you can see if they change without notice in the future.