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Episode 3643:
Andy Hill reflects on five costly financial mistakes, from buying a house beyond his means to trusting the wrong investment advice, and explains how each one reshaped his approach to money. His experiences show how patience, financial education, and simple long-term decisions can help you avoid expensive setbacks and build lasting wealth.
Read along with the original article(s) here: https://marriagekidsandmoney.com/5-major-money-mistakes-ive-made-and-how-you-can-avoid-them
Quotes to ponder:
"I leased the four rings when I could only afford one!"
"I should have known not to put any money in the stock market or bond market if I want it back in less than 5 years."
"I like to keep things simple, have patience and realize that good things come with time and education."
Episode references:
LIBOR: https://www.investopedia.com/terms/l/libor.asp
Home Equity Line of Credit (HELOC): https://www.consumerfinance.gov/ask-cfpb/what-is-a-home-equity-line-of-credit-heloc-en-287/
The Great Recession: https://www.federalreservehistory.org/essays/great-recession-of-200709
Roth IRA: https://www.irs.gov/retirement-plans/roth-iras
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