Ben Stein: 5 Ways You’ll Destroy Your Financial Health
Ben Stein: 5 Ways You’ll Destroy Your Financial Health
Peter Burns Wed, January 15, 2025 GOBankingRates
From maxing out your credit cards to financing a house you can’t afford, there are many things you can do to decimate your savings and derail your financial future. Personal finance expert and author Ben Stein kept track of the best ways to do just that.
In a fun twist of the financial improvement genre, Stein’s book, “How To Ruin Your Financial Life,” details the different ways you can bankrupt yourself through poor choices. Here are some bad decisions that will lead to financial instability.
Don’t Educate Yourself
It’s no secret that personal finance isn’t a priority in schools. In 2024, only 26 states in the U.S. required a personal finance course for all high schoolers, up from just eight states in 2020. If you’re hoping to remain in financial turmoil for your entire life, Stein suggests not making any attempt to educate yourself and improve your financial practices.
On the other hand, taking the initiative to learn about personal finance will lead to financial independence, less stress and better decisions. Following finance blogs, listening to podcasts, taking online courses and reading books can all help you better understand how money works and how it can work for you.
Keep Up With the Joneses
One of the easiest ways to negatively affect your financial health is by comparing yourself to others. Purchasing things to impress others often results in living beyond your means. Stein explains that spending more than you earn is an unsustainable practice that will drive you to debt.
You will never have to look far to find someone with a more expensive car, a bigger house or the newest gadget. Shifting your mindset toward achieving financial goals that improve your life instead of focusing on outspending your friends, colleagues and neighbors will make you happier in the long run.
Use Credit Cards as Much as Possible
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