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Lesko Financial: Advice to Avoid Money Mistakes

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Bryanna: Today’s media and technology can tempt people to make money mistakes unknown to previous generations. Greg Lesko of Lesko Financial has some advice on how to resist.

Greg: Media and advertising invading every aspect of life has created new temptations and money management dilemmas for consumers. Social media platforms have worsened one big spending problem: keeping up with others. Psychologists say spending to keep up appearances is more common than ever.
One solution is to not let others’ expectations define you--and to keep spending in check. Another common mistake today is to let the occasional indulgence become a habit. “You deserve it” is a common advertising ploy—one that it’s wise to resist.  

Bryanna: What about mistakes helped along by technology?  

Greg: Yes—putting online subscriptions on auto-pilot is one. It may start with a free trial or a small monthly amount. It may be for entertainment or something as important as health. They say “you can cancel at any time, but small subscriptions can add up. Another mistake of the modern age is to chase credit card rewards. Racking up points is almost like a game but carrying credit card balances costs big in the long run.  

Bryanna: Any advice to help resist these temptations?  

Greg: The come-ons may be new but getting people to part with hard-earned cash is as old as the first hand-painted sign. The remedies are tried and true: define your financial goals; create a spending plan, track your expenses; invest to build wealth. And realize that today’s media makes it easier for companies to target you, and more important than ever to become an alert and savvy consumer.