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Personal Finance – Overlooked Problem Areas

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There are now thousands of websites that deal with personal finances and there are also hundreds of people who are so called financial experts. Bookstores everywhere dedicate a large area of their facilities to house self help finance books. Yet, despite all of the tools open to people, we are at one of the worst states in our financial history.

Personal Finance has many facetsThere must be something wrong with what we are doing if we continue to have problems with the way we handle our finances.  Here are just some of the things people forget about when they deal with their finances.

Credit Reports

Very few people take the time to view their credit reports. These are important documents that people should look at. When you check out the credit report, look for any anomalies and report them to the credit reporting agency. The credit reporting agency is bound by law to investigate and correct any errors.

Insurance Coverage

Another thing people forget to consider when they are looking to get their finances in order is the insurance. Insurance is usually a sensitive subject and it talks about a lot of things that people are just uncomfortable with like destruction of one’s home, accidents, and in some cases death.

Last Will & Testament

Since we are in the topic of death, take into consideration the writing of one’s will. Only a few people write their will and the ones that do rarely ever take the time to update their wills regularly. As a result, their family members and loved ones sometimes fight over the estate. This could tear a family apart. I do not think that this is the legacy you want to leave behind.

Taxes

And yes people tend to forget about is their taxes. People sometimes do not consider that they are giving the government an interest free loan every year. They do not declare the right deductions and as such overpay the taxes. They may think that they are being paid when they get a refund but the truth is they gave the government some money to borrow and did not consider the interest that they could have earned.

 

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About the Author

Ted

Ted is a clever and witty finance freelance writer who loves to share tips on money management, retirement planning and budgeting.

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