Don’ts

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Don’t get in to debt…period! Know what your limits are. Your total monthly payments of all your debt should not exceed 15% of your net monthly take-home pay.

Don’t pay just the minimum payment.

Don’t take money from retirement accounts.

Don’t rob your emergency savings.

Don’t tap your home equity.

Don’t ever skip the mortgage payment.

Don’t take out another loan to pay off current debt.

Don’t use credit cards! Cut them up! Use cash always.

Don’t ever co-sign a loan! Not for family, friends or anyone.

Don’t stop contributing to your 401K. At minimum contribute up to your employer match.

Don’t withdraw from or take 401K loans!

Don’t withdraw from any tax-advantaged retirement account

Don’t do any debt consolidation loans. These only mask your root cause problems of borrowing and adding debt.

Don’t ignore your credit report. Your credit score will impact the cost of money when you do need to borrow as well as your insurance premiums.

Don’t pay high management fees. Even a 1% to 2% fee can hurt your investment gains.