Gambling, home equity lines of credit, and insurance are the main topics on the show today. Gambling is not a way to build wealth, in fact, it will cause you to go the other way and become broke. If playing the lottery is your retirement plan then you are in trouble. But playing the lotto is not the only way we gamble with our money. We gamble by taking out huge loans and investing that money into either the stock market or in real estate. The thing is that you do not have to gamble to build wealth; be the tortoise and not the hare.
Home equity lines of credit get pushed as a good way to pay off your debt by consolidating. The problem is that by doing that you very rarely making the necessary changes that got you into the debt in the first place. In addition, you are also putting your home at risk. If you do have one we discuss what is the best way to go about paying it off.
Insurance is available for almost every single item necessary. You do need some insurance but figuring out which insurance you need can be quite difficult. We break down what insurances we recommend that you buy and which ones you need to avoid.
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