#TipTuesday: 4 Things To Do Before Making Financial Decisions

April 08, 2014

In the second week of Financial Literacy Month, this week's #TipTuesday features four things everyone should do before making financial decisions.

Tip #1 - Set a goal.
Just as if you were shopping for a car, know what features you want to have in your credit card, investment, budgeting spreadsheet or any other financial resource. Establish how you want to use this particular resource and keep that goal in mind.

Tip #2 - Shop around.
Collect information about the options you are considering. Read and compare the overviews of different types of accounts, ask trusted friends and family about their choices and interview several financial planners to determine if they fit your needs.

Tip #3 - Read the fine print.
It’s tempting to sign contracts without reading them or all the fine print in account disclosures. Don’t give in to that temptation; many important details about your rights, minimum balance requirements, and fees are included in these documents.

Tip #4 - Beware of scams.
Unfortunately, some shady companies or professionals have the gift of gab that will make a disastrous investment sound like a golden opportunity.

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Source: NCPW.gov