When a restaurant has lousy reviews on Yelp!, that’s a red flag. When a used-car salesperson pressures you to buy something right now, that’s a red flag. When your date seems dishonest or jealous or controlling, that’s a major red flag.
And when you don’t have as much money as you think you should, that’s a red flag, too. You should be seeing flashing lights and warning signs, letting you know something is wrong.
Be honest with yourself: Are you seeing these signs, or are you missing them?
Here are some financial red flags you need to be watching out for. Not all these red flags may apply to you. But some of them probably will, so check them all out.
1. You’re not diversifying your wealth
Putting all your money in one place – stocks, bonds, crypto, whatever – is a recipe for losing wealth, not building it. Diversification is key to financial security. Here’s an easy way to start: Buy gold and/or other precious metals. Those investments typically do well when the stock market decides to tumble.
Be careful who you deal with, though. Not all gold dealers are on the up-and-up, and some of them are only too happy to sell you gold and silver at vastly inflated prices.
Oxford Gold Group, on the other hand, has a 4.9-star rating (out of five stars) on Trustpilot, where 96% of reviewers call the company “excellent” and 4% call it “great.” It also has an AA rating with Business Consumer Alliance and an A+ rating with the Better Business Bureau.
They’ll allow you to invest in a gold IRA that adheres to IRS regulations. They also offer gold bars and coins, as well as silver (including silver IRAs), platinum and palladium.
If you’ve ever thought of investing in gold, give Oxford Gold a try.
2. You’re not planning ahead for health care costs
Here’s hoping that your retirement years are active, healthy and vibrant and that you’re able to function as you always have. But don’t bet on it. According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.
Think you can’t get long-term care (LTC) insurance after age 40? Think again. GoldenCare writes LTC coverage for most people. (Unless they live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)
“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying for it out of pocket could take a huge chunk of your retirement savings. That plus inflation could mean near or total depletion of your nest egg.
Without LTC insurance, your options aren’t great: running through savings, borrowing money, burdening your family with your care, and possibly losing independence because you can’t live on your own.
It’s impossible to say whether your current health will stay good. That’s why investigating long-term care insurance is so important: It protects you and your family.
3. You’re not taking care of your family
There’s nothing you wouldn’t do for your family, right? Well, if something happens to you, who’s going to pay the mortgage or college bills? This is why life insurance is so important.
Not everybody needs insurance. If your kids are grown and you have a nice, fat bank account, there’s really no need. But if your family would have a hard time getting along without you, life insurance is definitely something you should look into. Just don’t pay too much for it by buying the wrong kind, or buying from a commissioned salesperson.
Shopping for life insurance used to be a long, complicated process. Now? Not so much. For example, Ethos is a company that lets you apply online in minutes without getting off the couch. There are no medical exams, no blood tests. You can get term life insurance ranging from $20,000 to $2 million. And it may cost as little as $7 a month: less than you might be spending now on coffee.
Simply answer a few online health questions and get a personalized quote in less than five minutes. This could be the most important thing you ever do for the people you love.
And Ethos is rock-solid: They’ve protected more than 100,000 families and provided more than $34 billion in coverage. So, why not check it out? Click here right now for a quick, free quote from Ethos.
4. You’re paying 25% interest on a credit card
The average credit card interest rate these days is approaching 25%. Sounds like what a loan shark would charge, doesn’t it?
Never borrow recklessly, but when it’s time, do it right. Take advantage of much lower rates by borrowing against your home. Use that low-interest loan to fix up your house, to pay off high-interest debt or for any other purpose (besides financing a lifestyle you can’t afford).
Qualify for a rate of 6%, and you’ll be able to borrow $25,000 for a monthly payment of only $150. That’s a fraction of what credit cards charge, and will literally save you thousands of dollars over the life of the loan.
How do you shop for the best deal? Simple: Head to a loan shopping site like Quicken Loans. They’ve eliminated most of the hoops you had to jump through in the past, so it only takes a couple of minutes to see how much you could get.
5. You’re paying too much for car insurance
If you’re like most Americans, you’re probably paying too much for car insurance. But shopping around for a better deal is such a hassle.
Well, it used to be.
Now you can just check out Provide Insurance, the largest online marketplace for insurance in the U.S. Provide Insurance lets you compare quotes from more than 175 different carriers in minutes.
All you have to do is answer a few questions about yourself and your driving history. Then Provide will show you the best options for your needs and budget.
You could save up to $610 a year on car insurance by using Provide Insurance. That’s money you could use for other things, like investing, saving or paying off debt.
Don’t let your current insurer overcharge you. Try Provide Insurance today and see how much you can save on car insurance.
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