Never sign a contract you don’t fully understand
Contracts usually include all sorts of legal terms and items that not everyone understands. If you have to sign a contract but feel unsure of some parts of its content, don’t hesitate to ask for the help of an attorney. It’s also a perfect excuse if you feel rushed into signing.
“You can commit yourself financially for a very long time, and at a very high cost, by signing a contract you don’t understand,” said Elledge. “If you don’t understand what you’re committing to, don’t sign.”
Never lend money to unreliable friends and family
Thinking of lending money to a friend or a member of your family? While it’s normal to want to help out a close person, according to various studies, it usually is a bad idea for your finances and overall relationships.
“It is hard to say ‘no’ to friends and family who ask to ‘borrow’ money, but there is very little upside to doing this,” said Kirk Chisholm, a wealth manager with Innovative Advisory Group. “Sure, you might get your money back, but do you really want to pester them to get it? The bigger question is, what if they don’t pay you back? Are you OK with saying goodbye to that money?”
