Since you are likely to change jobs many times throughout your career, you could end up with many overlapping investment portfolios rather than one well-balanced master plan.
This small and scattered approach increases the potential for asset leakage and ineffective portfolio management, which can cut into the eventual value of your holdings.
Read the fine print on any contracts before consenting to use a debt consolidation company.
It’s also important when considering debt consolidation that you are certain you’re working with a reputable, well-known company.
A decent portion of our debt was credit card debt that we were paying a high interest rate on.
These types of companies are different from straight debt consolidation companies, and it’s important that you research them thoroughly – both with the Better Business Bureau and via online reviews – before you sign any contracts.
The following signs should be red flags that the consolidation company you’re considering may be operating unethically: For all of the reasons listed above, debt consolidation should be researched thoroughly so that you can be sure you consolidating your debt in a way that will benefit you and not make your situation worse.
The first thing I want to point out is that borrowing money from a loved one can be very dangerous.
The reason why I think this was effective for us was because we knew we had the resources to pay it off quickly, and were planning on paying the debt off sooner than the terms of our arrangement.
So in the end, borrowing money from this person actually strengthened our relationship with this family member, because we proved that we were trustworthy by paying our loan in full ahead of schedule.