There are lots of financial products which are said to help in saving money or even aid in money making opportunities. Well, that’s not really true as it’s all depends on your situation. Most financial products are design and created for general purpose. That means most people might benefits from it. Instead in reality it’s just another way to make money selling things or services that people might be useful only. The fact is everybody has their own unique situation and we have to look at it one by one differently. Only you yourself can decide which financial products really benefit you or not.
According to an article from Yahoo Finance title: Financial Products That Are a Waste of Money, below is a list of products that you should really considered before putting your money on it:
- Skip collision on older vehicles and save $300 per year. Try self insure by putting away a fixed amount each month to cover unexpected losses.
- Skip load mutual funds and save $200~$300 on an initial investment of $5000. Try skipping the load and putting entire investment to work for you.
- Skip extended warranties and save $30~$1000++. Try purchase reliable products.
- Skip free based checking and save $36~$600, plus any per-check fees each month. Try getting the best deal with local and national banks and credit unions.
- Skip credit card insurance and save $0.18~$1.35 for every $100 of your balance each month. Try set up a fund to cover your bills if you lose your income.
- Skip cancer insurance and save $200~$3000. Try getting a Medicare supplemental policy if your health policy does not covers.
- Skip identity theft protection and save $120~$240 per year. Try learning and taking steps to protect your identity.
- Skip cell phone insurance and save $48~$96 per year. Try getting home and auto insurance policies that cover your phone.
In most cases we purchase these financial products because most people are purchasing them and we just follow. It’s a common mistake that we often did without considering if it is necessary or do we actually need it. You may try check out the stuff that you purchase for the last couple of years and think if it is necessary or not. Did the financial products that you purchase before help in any way? Perhaps it is time to check back all the financial products that you purchase and give it a second thoughts if you need to continue purchasing them or not.