Comments on: 7 Net Worth Killers (From CNNMoney) http://allfinancialmatters.com/2007/05/03/7-net-worth-killers-from-cnnmoney/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: dimes http://allfinancialmatters.com/2007/05/03/7-net-worth-killers-from-cnnmoney/comment-page-1/#comment-102147 dimes Mon, 07 May 2007 14:03:09 +0000 http://allfinancialmatters.com/2007/05/03/7-net-worth-killers-from-cnnmoney/#comment-102147 Who? Trent? Who? Trent?

]]> By: Mighty Bargain Hunter » Roundup for week of 30 April 2007 http://allfinancialmatters.com/2007/05/03/7-net-worth-killers-from-cnnmoney/comment-page-1/#comment-101950 Mighty Bargain Hunter » Roundup for week of 30 April 2007 Sun, 06 May 2007 03:48:10 +0000 http://allfinancialmatters.com/2007/05/03/7-net-worth-killers-from-cnnmoney/#comment-101950 [...] All Financial Matters discusses seven net worth killers. [...] [...] All Financial Matters discusses seven net worth killers. [...]

]]> By: Miguel http://allfinancialmatters.com/2007/05/03/7-net-worth-killers-from-cnnmoney/comment-page-1/#comment-101657 Miguel Fri, 04 May 2007 12:46:10 +0000 http://allfinancialmatters.com/2007/05/03/7-net-worth-killers-from-cnnmoney/#comment-101657 @ Independent George - I second that "not being honest with yourself" statement. It pretty much sums up most of the other 7 NW killers when you think about it. The ability to step back and take a brutally honest assessment of yourself, your capabilities, and your situation, is the fundamental underpinning of success. This is, of course, not to suggest an exercise in beating yourself up. I've learned that that is counter-productive. But, you have to play to your strengths, and mitigate your weaknesses. Without understanding what those strenghts and weaknesses are, you have no basis for a plan of action. @ Independent George – I second that “not being honest with yourself” statement. It pretty much sums up most of the other 7 NW killers when you think about it.

The ability to step back and take a brutally honest assessment of yourself, your capabilities, and your situation, is the fundamental underpinning of success. This is, of course, not to suggest an exercise in beating yourself up. I’ve learned that that is counter-productive.

But, you have to play to your strengths, and mitigate your weaknesses. Without understanding what those strenghts and weaknesses are, you have no basis for a plan of action.

]]> By: Matt http://allfinancialmatters.com/2007/05/03/7-net-worth-killers-from-cnnmoney/comment-page-1/#comment-101652 Matt Fri, 04 May 2007 11:35:05 +0000 http://allfinancialmatters.com/2007/05/03/7-net-worth-killers-from-cnnmoney/#comment-101652 The best thing about common sense is that its more of a rarity than anything else. We're all guilty of doing things that just don't make sense. How many people out there drive nice flashy new cars but have to live with mom and dad just to pay for them? Common sense would say they should save their money and move out but the order of priorities is completely different at different stages of your life and net worth doesn't come into the decision equation. Moderation and thought about your actions and decisions will go a long way to not falling for the 7 net worth killers. The best thing about common sense is that its more of a rarity than anything else. We’re all guilty of doing things that just don’t make sense. How many people out there drive nice flashy new cars but have to live with mom and dad just to pay for them? Common sense would say they should save their money and move out but the order of priorities is completely different at different stages of your life and net worth doesn’t come into the decision equation.

Moderation and thought about your actions and decisions will go a long way to not falling for the 7 net worth killers.

]]> By: Independent George http://allfinancialmatters.com/2007/05/03/7-net-worth-killers-from-cnnmoney/comment-page-1/#comment-101545 Independent George Thu, 03 May 2007 22:45:13 +0000 http://allfinancialmatters.com/2007/05/03/7-net-worth-killers-from-cnnmoney/#comment-101545 I would add one more item: not being honest with yourself. For example, if you can afford to live in a new place if you just cut back on eating out a little... then you probably can't afford to live there. The rotating 0% credit card balance transfer only works if you really are disciplined enough to 'pay' the balance in your 5% savings account, and not touch it until the introductory rate ends. It's ok if you can't do it, as long as you plan accordingly; but if you deceive yourself into taking on a commitment you can't handle, you're in trouble. I would add one more item: not being honest with yourself.

For example, if you can afford to live in a new place if you just cut back on eating out a little… then you probably can’t afford to live there. The rotating 0% credit card balance transfer only works if you really are disciplined enough to ‘pay’ the balance in your 5% savings account, and not touch it until the introductory rate ends.

It’s ok if you can’t do it, as long as you plan accordingly; but if you deceive yourself into taking on a commitment you can’t handle, you’re in trouble.

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