It looks like a bargain, it sounds like a bargain, it must be a bargain—right? Not always. When it comes to the many financial options out there, what seems great at first glance is often anything but a fair shake. You'll spare yourself serious money woes if you understand the true cost of any financial decision—whether you're transferring a balance or helping your child select a college. Here are the deals you never want to make (and 3 offers that are worth their weight in gold).
Don't: Opt for lower monthly payments with a five-year (or longer) car loan.
Do: Sign up for a car loan only if it's for 36 months or less.
Don't: Buy sale items on credit.
Do: Pay with cash or a debit card.
Don't: Get a low deductible on your auto or home insurance policy.
Do: Raise your deductible to $1,000.
Don't: Let your child go to that fantastic college if it's outside your price range.
Do: Start making the numbers work in high school (if you haven't already set aside funds in a 529 plan or other savings account).
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
