How Much Are Ignorance and Avoidance Costing You?
Imagine this scenario: You arrive home from work to find a vague voice mail waiting for you that goes something like this: “Please call 1-800-xxx-xxxx regarding an important matter.”
Would you call back?
I didn’t, when it happened to me a few years ago — at least not the first few times they called.
Eventually I found out they were a collections agency. I didn’t actually have a bad debt, but they sure thought I did. Not dealing with the situation could have been costly.
Or imagine you keep getting statements from an account that you closed years ago. Would you open up the statements to see why you were still getting them? If not, you might be missing out on money — or fees — that you didn’t know you had.
Then there are the notices sent out by credit card companies. The fine print is so mind-numbing that it’s tempting not to read it at all. But if you don’t, you could be hit with unexpected fees or increases.
Finally, there are investments. Investing in things that you don’t understand is like playing with fire. Chances are you’re going to get burned. And not investing at all because you haven’t taken the time to learn about your options can end up burning you as well in the form of lost opportunities.
The things you don’t know and the things you avoid can cost you. I’ve gotten started with investing over the past year or so, but still need to do more research in that area and learn about additional options. Is there an area of your finances that you could benefit from taking a closer look at?