Want to Destroy Your Wealth? Here are 10 of the Best Ways to Go About It

canada financeIt was my worst financial mistake and left me in what seemed like massive debt at 18. Surprise, the problem started with a credit card.

A teenager with a $1,500 credit limit in 1982 and on vacation with friends in New York City is trouble. (I was working part-time as a bank teller, which facilitated my ability to get credit at the time.)

So what happened? Strangely enough it wasn’t Manhattan that killed me. I had enough cash for the trip, but my buddies burned through their greenbacks quickly and needed my credit for the trip.  Read More…

This article has 7 Comments

  1. Gauge Welch

    Why bother? Most people, like myself, do a pretty good job in piling up credit card debt. I am not proud of it but it is what it is. We love to spend and that wont change any time soon.

  2. Ashley Halloway

    Ok so it talks about ways to evicerate your holdings but as i look deeper into this list i cant help that it goes about talking like somehow these ten pitfalls can, if avoided, help you maintain or even grow your net worth. Not true.

    At best, they should be warning signs to take action before it does become a serious problem. Falling victim to one of these is not necessarily a bad thing e.g. not making enough money.

  3. Kinsey V

    I'm hoping now that Trudeau is in charge that the minimum wage and other factors will finally be back in alignment with inflation so that people can start earning more and ultimatly help with building their wealth.

    Hey, maybe i am misunderstanding but that is how i see things.

  4. Aden K

    The should make saving for retirement being the #1 problem. Most people wait until the last moment (in their 40s) to begin saving which by that time is too late.

  5. Caleb Tomlinson

    From my experience people love to get the next rewards card and so on average i think i was reading the average Canadian has 7 cards with major banks.

    Eeek! This just encourages more spending which does help the economy but does lasting damage in the long-term.

  6. Steven

    The part mentioning that being single was one way to erode your wealth. I respectfully disagree.

    It fails to mention that a married couple also has other expenses like a mortgage, children, and other financial burdens not typical of a single lifestyle.

  7. Jaylin D.

    Great article but Black Friday is almost here and lol i am a sucker for impulse purchases during these times of the year. Sorry for me! 🙂

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