Five Vices That Could Ruin Your Financial Future

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Five Vices That Could Ruin Your Financial Future


The Top Five Things People Like To Steal

August 22, 2014

We all have vices.   For some people it is biting their nails when they are stressed out.  For others it is taping and watching every single episode of the Real Housewives on Bravo TV.   Some vices are innocent while others can get you in big trouble.  Here are five financial vices you want to avoid if your goal is to become rich.

  1. Gambling- I am not talking about placing a $5 bet on the NCAA basketball championships.   The lottery for most people (especially scratch off tickets) can be a very addictive habit and one that is tough to break.  Spending $40 a week on lottery tickets vs. $40 a week saving in an IRA could mean a large differential in your ability to be able to retire one day.  The odds of your numbers coming up are slim to none.
  2. New Cars- I know that there is nothing like the smell of a new car.   There’s also nothing like the smell of dollar bills burning into thin air.   If you are addicted to buying and selling new cars every couple of years, this is a dangerous habit if you want to become rich.  Not only is the maintenance expensive, but the depreciation alone should give you sticker shock.
  3. Cigarettes- I should say smoking in general.   The cost of cigarettes have gone through the roof so they can really eat into your budget.   Plus add in the cost of your health insurance and life insurance when you compare smoker vs. non-smoker rates over the next thirty years and you’ll quickly realize smoking costs you a bundle.
  4. Brand Name Shopping-  Do you really care what brand name is on your pocketbook? Or jeans? Or even your bottled water?   Getting addicted to high end brands is certain to put a huge dent in your wallet over your lifetime.  Maybe the quality is better and maybe it is not.  Beauty is in the eye of the beholder, but you can always measure dollars and cents.   Skip the brand names most of the time.
  5. Eating Out- When it comes to financial planning, they say that inflation is the silent killer.  When it comes to savings today, eating out is the new silent killer.   The average family I see eats out 3 to 4 times a week now (and that’s dinner only).   This habit can literally cost you hundreds of thousands of dollars over your lifetime.

These are five of my smart money moves.  What vice is killing your budget today?

Written by: Ted Jenkin
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