There are certain financial lessons we all tend to learn in life, such as the importance of saving money and staying out of debt. But sometimes, the best advice can lead us astray. The following money moves might seem wise at first glance, but in reality, they could wind up hurting you financially.
1. Buying a home
Buying a home might seem like a much smarter move than throwing money away on rent – at least at first. After all, as a homeowner, you get access to certain tax breaks that renters don't, and you get an opportunity to build equity in your property over time. But if you're buying a home because you think it makes for a good investment, that's really a dangerous approach.
When you buy a home to live in, it's really more of a hybrid investment/expense, with an emphasis on the latter. And if you go in unprepared, like so many buyers do, you could easily end up in way over your head.