top-5-reasons-why-people-go-bankrupt: Personal Finance News from Yahoo! Finance
I am beginning to really appreciate the articles from INVESTOPEDIA. Their articles are always easy to understand, concisely written, and have good possible solutions presented.
This article about the top five reasons for bankruptcy is included because if we know the possible pit falls we can build a better strategy to avoid them. Also, as we know the statistical facts our incorrect preconceived ideas can be corrected.
In this article for example, one of the top reasons for bankruptcy is loss of job. Yes, that's a pretty obvious one. We know that. But, what have we actually done in our own finances to prepare for this possibility? Are we spending every dollar we make and more? Or, do we sit and worry everyday that it could happen? Yes, it could. If this is the case losing our job will rip the rug out from under our feet. Maybe it already has been.
Next, we now know that 62% percent of those who have declared bankruptcy have done so because of medical expenses. Does that change our perspective at all toward those facing this challenge? As a landlord. if a prospective tenant marks the yes box on the application can we now ask more questions before drawing conclusions?
Another good item on this post is the additional links. The one titled "Digging out of debt in 8 steps" was a good one. There is an abundance of information on finances right now. Let's find the good ones and pass them on.
No, yahoo does not pay me to promote them. I just like their articles. :)