Comments on: 7 Ways To Kill Your Net Worth http://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Mon, 15 Mar 2010 13:36:02 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: » Weekly Review on Blueprint for Financial Prosperityhttp://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-96085 » Weekly Review on Blueprint for Financial Prosperity Mon, 07 May 2007 12:31:59 +0000 http://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-96085 [...] wants to help you murder your net worth. I can help you do that too, just send me some of your hard earned dollars and watch your net worth [...] [...] wants to help you murder your net worth. I can help you do that too, just send me some of your hard earned dollars and watch your net worth [...]

]]> By: Personal Finance Blogs - Weekly Highlights by Dollar Buy Dollarhttp://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-96074 Personal Finance Blogs - Weekly Highlights by Dollar Buy Dollar Mon, 07 May 2007 05:22:25 +0000 http://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-96074 [...] Consumerism Commentary has some great tips on how to avoid killing your net worth [...] [...] Consumerism Commentary has some great tips on how to avoid killing your net worth [...]

]]> By: Money Articles: Can You Become A Millionare In 5 Years? Here’s Someone On Track! » Silicon Valley Blog About Moneyhttp://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-96013 Money Articles: Can You Become A Millionare In 5 Years? Here’s Someone On Track! » Silicon Valley Blog About Money Sun, 06 May 2007 15:01:13 +0000 http://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-96013 [...] up for similar success by keeping in mind some advice from Consumerism Commentary: here’s 7 Ways To Kill Your Net Worth, which you should [...] [...] up for similar success by keeping in mind some advice from Consumerism Commentary: here’s 7 Ways To Kill Your Net Worth, which you should [...]

]]> By: moomhttp://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-96012 moom Sun, 06 May 2007 14:34:40 +0000 http://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-96012 Interesting how now that the housing market is stagnating or going down in many regions there are all these articles saying "don't buy too much house" :) Interesting how now that the housing market is stagnating or going down in many regions there are all these articles saying “don’t buy too much house” :)

]]> By: The Sunday Review #19: Expensive Onions Editionhttp://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-96008 The Sunday Review #19: Expensive Onions Edition Sun, 06 May 2007 12:19:08 +0000 http://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-96008 [...] 7 Ways To Kill Your Net Worth by Flexo @ Consumerism Commentary. Flexo succinctly summarizes a CNN Money article with this post. Check out the #5 “Always getting what you want“. Think over it for a while. It would probably make more sense to some folks when expressed as “Always getting what you don’t need“. [...] [...] 7 Ways To Kill Your Net Worth by Flexo @ Consumerism Commentary. Flexo succinctly summarizes a CNN Money article with this post. Check out the #5 “Always getting what you want“. Think over it for a while. It would probably make more sense to some folks when expressed as “Always getting what you don’t need“. [...]

]]> By: Benhttp://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-95913 Ben Sat, 05 May 2007 12:18:39 +0000 http://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-95913 #8 Skipping Insurance If you don't have the proper home, automobile, health, disability, & liability insurance, your net worth may take a big hit when bad luck comes your way. #8 Skipping Insurance
If you don’t have the proper home, automobile, health, disability, & liability insurance, your net worth may take a big hit when bad luck comes your way.

]]> By: kurthttp://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-95828 kurt Fri, 04 May 2007 14:29:10 +0000 http://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-95828 I would use the "True Cost to Own" setup they have over at edmunds.com to look at all costs of car ownership, not just the financing fee. One of the mistakes people make (including Matt) is to assume that once they pay off their car, it's free. If you paid cash, you still have to look at the opportunity cost of doing so. Remember, you could have earned 6%-12% on that money, but instead you dumped it into a car.We all need cars (well, most of us anyway), so there's no need to feel bad about paying for them, but to think that once you pay it off it's "free" is wrong. I would use the “True Cost to Own” setup they have over at edmunds.com to look at all costs of car ownership, not just the financing fee. One of the mistakes people make (including Matt) is to assume that once they pay off their car, it’s free. If you paid cash, you still have to look at the opportunity cost of doing so. Remember, you could have earned 6%-12% on that money, but instead you dumped it into a car.

We all need cars (well, most of us anyway), so there’s no need to feel bad about paying for them, but to think that once you pay it off it’s “free” is wrong.

]]> By: Matthttp://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-95827 Matt Fri, 04 May 2007 14:03:11 +0000 http://www.consumerismcommentary.com/2007/05/04/7-ways-to-kill-your-net-worth/#comment-95827 I agree with your take on #3. That may make a good rule of thumb, but that's not really looking at the big picture. For instance, I spend somewhere between 25% and 30% of my net income on my car payment. While this may seem like an absurd amount on the surface, it means I'll have it paid off within the next 6 months. Right now, it only has 14,000 miles on it, so it's likely to last me close to 7 or 8 more years after I've paid it off and I'm avoiding a lot of interest by paying it off so early. I agree with your take on #3. That may make a good rule of thumb, but that’s not really looking at the big picture. For instance, I spend somewhere between 25% and 30% of my net income on my car payment. While this may seem like an absurd amount on the surface, it means I’ll have it paid off within the next 6 months. Right now, it only has 14,000 miles on it, so it’s likely to last me close to 7 or 8 more years after I’ve paid it off and I’m avoiding a lot of interest by paying it off so early.

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