In the spirit of Halloween, Yahoo Finance lists several frightful financial stories and warns readers: “Don’t let these horror stories happen to you.” The list contains the following nightmarish money moves:
1. Having your new car wrecked only to discover your insurance carrier only covers the (lower-than-cost) Blue Book value
2. Using your retirement savings to fund a risky new business venture
3. Keeping more than $100,000 in a savings account at one bank
4. Being overconfident in your finances (when you least expect trouble, it’s likely just around the corner)
5. Financial denial over a soon-to-adjust home mortgage
Put these on a list with carrying an on-going credit card balance, skipping the employer match on a 401(k), and putting all your investments into company stock and you have a fine set of financial horrors that would even make Dracula scream!
Next Stop — the Financial Twilight Zone [Yahoo Finance]