“It can become truly messy.”

Doing wrong things with your money can destroy relationships, hurt your investments, and transfer you away from your long -term financial goals. For this reason the financial teacher Humphrey Yang I recently shared three things that you should not do with your money.

Follow his advice can help you Avoid a lot of heartache. Getting rid of bad ideas, habits and procedures will release more space for good money habits.

Yang said if you are doing the wrong things with your money, “You can really be chaotic.”

These are the three things that Yang mention in Tiktok recently.

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Yang was quickly stating that you should avoid lending money to your friends and family. This point explains during the first five seconds of the video and explains that lending to money for friends and family can create an unnecessary embarrassment and drama.

Imagine giving 10,000 dollars to a family member who promises to pay it, but they do not continue to pay it. It will make the relationship feel uncomfortable, especially if a friend or family member gives you a difficult time when you ask for your money.

You can set a solid line and not lend the dollar to anyone. However, if you still want to give some money, you can give a much lower amount as a gift. For example, if a friend or a family member requests $ 10,000, you can give them $ 100 provided that they never ask you for money again. It may be better to put a difficult situation and not to give anyone any money from the beginning, but everyone is different.

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Get some money in the bank is good in the event of random expenses. After that, you will not have to sell shares and other assets to cover the state of emergency.

However, the bank account that you use a big role plays the amount of interest you gain. Many large banks depend on their brand and long history to attract customers. However, many of these financial institutions themselves have savings inspection and account accounts with low or non -interest.

If you explore your options and consider online banking services, it is easier to find high -return savings accounts that provide up to 4 % APY. If you save $ 10,000 by 4 % APY, you will get $ 400 during that year. However, large banks usually have much lower rates, which means you will get much less than $ 400 with the same balance of $ 10,000.