Doctor Dinero

OYE MAGAZINE
DOCTOR DINERO: DON'T BE A BONEHEAD

"I promise I'll start saving after this lapdance!"

PHOTO: ANDREW TAKEUCHI

It’s amazing how many guys I meet who seem to know everything but are big boneheads when it comes to their finances. What’s my definition of a bonehead? A bonehead is someone who does something that is obviously stupid to everyone—except for the person who’s doing it. The following are five major bonehead mistakes you should try to avoid if you ever want to be financially successful.

5 BIGGEST FINANCIAL BONEHEAD MOVES

Bonehead mistake #1. Not having a clue as to what you are going to do when you grow up. Few things are more pathetic than a person who doesn’t have a clue as to what he wants to do with his life. A person with no purpose is a person who lives a life of quiet desperation. A person with no vision of their future is a person who lives a miserable life based on fear. Make the time to focus on your strengths. If you don’t have a clue as to what your strengths are, ask those around you. If they tell you that your strengths are pounding down tequila shooters, then you have got to get your shit together. The most successful people on earth know what they want to do and have a strategy as to how they are going to achieve it. Everybody wants to be a somebody, but few are willing to take the time to figure out what they want. Don’t be a wandering generality. It is a proven fact that successful people know what they want.

Bonehead mistake #2. Not finishing college. “I’m going to transfer next year.” Give me a break! Junior college is supposed to be two years long, three tops. If you are still in junior college and you’ve been there longer than three years, get your shit together and finish. I don’t want to hear that you tried to transfer but the local university wouldn’t accept all your classes. Get organized, see a school counselor and plan your transfer. The only thing worse than perpetual junior college students are people who went to a university but stopped one or two classes short of graduating. If this is you, then this makes you a bigger bonehead. How dumb could you be? You know that every study on this universe shows that college graduates, over the long term, will earn more than non-college graduates.

Bonehead mistake #3. Spending everything you earn. How does someone get rich? Here is the magic formula: Spend less than you earn and invest the difference. It doesn’t matter how much money you earn, if you spend it all you won’t get rich. Duh? How obvious is this? So when I see people blowing all their cash and then tell me that they want to be financially independent by a certain age, I tell them that they are major boneheads. You will never ever have financial independence by spending everything you earn. Take at least 10% of every paycheck and put it aside for yourself. I can already here some of you whining, “I can’t afford it!” Okay then, continue spending all your money and have fun being a broke bonehead.

Bonehead mistake #4. Spending more than you earn and putting it on a credit card. Okay, here is an even bigger bonehead mistake than mistake #3. Debt is another form of slavery. You are bound by the shackles of your own ignorance. Don’t put your CD or DVD purchases on your credit card. Credit is for emergencies, plain and simple. Yes, I know, everybody does it. That is why everybody is so messed up financially. People with lots of credit debt are walking financial time bombs. A sudden loss of a job and you’ll be moving to bankrupt city.

Bonehead mistake #5. Screwing up your credit by making late payments. Your financial future depends on your financial reputation. Credit is nothing more than your financial reputation. Who is going to lend you money to purchase your home or your car when you can’t even pay your small purchases on time? Come on, don’t you dream of having a dream home or a fancy car? Well, how can you be trusted with much, if you can’t even be trusted with little? Get organized. If you have credit cards make sure you stay on top of them and make the payments on time. One or two late payments screws up your credit history and ends up costing you a lot in the future when you finally have your financial life together and you want to buy your house or make another major purchase.

Don’t be a bonehead! Be somebody who gets it!

OPEN YOUR EYES MAGAZINE
THE HOTTEST LATINO MAGAZINE IN AMERICA!

© 2004 Tlahtoani Media Group, LLC
The Latin Magazine featuring hot Latinas, beautiful Latinas, Latina models, Latin girls, Latin women, Latin models




OYE MAGAZINE	DOCTOR DINERO: DON'T BE A BONEHEAD
	"I promise I'll start saving after this lapdance!" PHOTO: ANDREW TAKEUCHI	It’s amazing how many guys I meet who seem to know everything but are big boneheads when it comes to their finances. What’s my definition of a bonehead? A bonehead is someone who does something that is obviously stupid to everyone—except for the person who’s doing it. The following are five major bonehead mistakes you should try to avoid if you ever want to be financially successful.

	5 BIGGEST FINANCIAL BONEHEAD MOVES Bonehead mistake #1. Not having a clue as to what you are going to do when you grow up. Few things are more pathetic than a person who doesn’t have a clue as to what he wants to do with his life. A person with no purpose is a person who lives a life of quiet desperation. A person with no vision of their future is a person who lives a miserable life based on fear. Make the time to focus on your strengths. If you don’t have a clue as to what your strengths are, ask those around you. If they tell you that your strengths are pounding down tequila shooters, then you have got to get your shit together. The most successful people on earth know what they want to do and have a strategy as to how they are going to achieve it. Everybody wants to be a somebody, but few are willing to take the time to figure out what they want. Don’t be a wandering generality. It is a proven fact that successful people know what they want. Bonehead mistake #2. Not finishing college. “I’m going to transfer next year.” Give me a break! Junior college is supposed to be two years long, three tops. If you are still in junior college and you’ve been there longer than three years, get your shit together and finish. I don’t want to hear that you tried to transfer but the local university wouldn’t accept all your classes. Get organized, see a school counselor and plan your transfer. The only thing worse than perpetual junior college students are people who went to a university but stopped one or two classes short of graduating. If this is you, then this makes you a bigger bonehead. How dumb could you be? You know that every study on this universe shows that college graduates, over the long term, will earn more than non-college graduates. Bonehead mistake #3. Spending everything you earn. How does someone get rich? Here is the magic formula: Spend less than you earn and invest the difference. It doesn’t matter how much money you earn, if you spend it all you won’t get rich. Duh? How obvious is this? So when I see people blowing all their cash and then tell me that they want to be financially independent by a certain age, I tell them that they are major boneheads. You will never ever have financial independence by spending everything you earn. Take at least 10% of every paycheck and put it aside for yourself. I can already here some of you whining, “I can’t afford it!” Okay then, continue spending all your money and have fun being a broke bonehead. Bonehead mistake #4. Spending more than you earn and putting it on a credit card. Okay, here is an even bigger bonehead mistake than mistake #3. Debt is another form of slavery. You are bound by the shackles of your own ignorance. Don’t put your CD or DVD purchases on your credit card. Credit is for emergencies, plain and simple. Yes, I know, everybody does it. That is why everybody is so messed up financially. People with lots of credit debt are walking financial time bombs. A sudden loss of a job and you’ll be moving to bankrupt city. Bonehead mistake #5. Screwing up your credit by making late payments. Your financial future depends on your financial reputation. Credit is nothing more than your financial reputation. Who is going to lend you money to purchase your home or your car when you can’t even pay your small purchases on time? Come on, don’t you dream of having a dream home or a fancy car? Well, how can you be trusted with much, if you can’t even be trusted with little? Get organized. If you have credit cards make sure you stay on top of them and make the payments on time. One or two late payments screws up your credit history and ends up costing you a lot in the future when you finally have your financial life together and you want to buy your house or make another major purchase. Don’t be a bonehead! Be somebody who gets it!
OPEN YOUR EYES MAGAZINE THE HOTTEST LATINO MAGAZINE IN AMERICA! © 2004 Tlahtoani Media Group, LLC The Latin Magazine featuring hot Latinas, beautiful Latinas, Latina models, Latin girls, Latin women, Latin models