5 Financial Red Flags You Should Address Now

When a restaurant has lousy reviews on Yelp!, that’s a red flag. When a used-car salesperson pressures you to buy something right now, that’s a red flag. When your date seems dishonest or jealous or controlling, that’s a major red flag.

And when you don’t have as much money as you think you should, that’s a red flag, too. You should be seeing flashing lights and warning signs, letting you know something is wrong.

Be honest with yourself: Are you seeing these signs, or are you missing them?

Here are some financial red flags you need to be watching out for. Not all these red flags may apply to you. But some of them probably will, so check them all out.

1. You’re not diversifying your wealth

Putting all your money in one place – stocks, bonds, crypto, whatever – is a recipe for losing wealth, not building it. Diversification is key to financial security. Here’s an easy way to start: Buy gold and/or other precious metals. Those investments typically do well when the stock market decides to tumble.

Be careful who you deal with, though. Not all gold dealers are on the up-and-up, and some of them are only too happy to sell you gold and silver at vastly inflated prices.

Oxford Gold Group, on the other hand, has a 4.9-star rating (out of five stars) on Trustpilot, where 96% of reviewers call the company “excellent” and 4% call it “great.” It also has an AA rating with Business Consumer Alliance and an A+ rating with the Better Business Bureau.

They’ll allow you to invest in a gold IRA that adheres to IRS regulations. They also offer gold bars and coins, as well as silver (including silver IRAs), platinum and palladium.

If you’ve ever thought of investing in gold, give Oxford Gold a try.

2. You’re not planning ahead for health care costs

Here’s hoping that your retirement years are active, healthy and vibrant and that you’re able to function as you always have. But don’t bet on it. According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.

Think you can’t get long-term care (LTC) insurance after age 40? Think again. GoldenCare writes LTC coverage for most people. (Unless they live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)

“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying for it out of pocket could take a huge chunk of your retirement savings. That plus inflation could mean near or total depletion of your nest egg.

Without LTC insurance, your options aren’t great: running through savings, borrowing money, burdening your family with your care, and possibly losing independence because you can’t live on your own.

It’s impossible to say whether your current health will stay good. That’s why investigating long-term care insurance is so important: It protects you and your family.

3. You’re not taking care of your family

A tale of life insurance.. Meet Aaron and Amy, a two-income couple raising a couple of kids.

One day it occurred to Amy: Our lives are great, but what if something happens to either or both of us? They need both of their incomes just to stay afloat, much less achieve their financial goals, not the least of which is putting the kids through college.

Aaron and Amy started reading up on life insurance and discovered a solution that blew them away: a 2-million-dollar life insurance policies start as low as $2/day*. That’s less than what they pay for their fancy boutique lattes.

Amy and Aaron now sleep a lot easier, knowing that, if worse comes to worst, the family may not have to stress over bills, mortgages, or living expenses.

*This is a fictional anecdote. Ethos is an insurance provider seeking to help individuals over the age of 35 secure their future.

4. You’re paying 25% interest on a credit card

The average credit card interest rate these days is approaching 25% — a record high. Sounds like what a loan shark would charge, doesn’t it?

Never borrow recklessly, but when it’s time, do it right. Take advantage of much lower rates by borrowing against your home. Use that loan — with rates as low as 6.75% — to fix up your house, to pay off high-interest debt or for any other purpose (besides financing a lifestyle you can’t afford).

That’s a fraction of what credit cards charge, and will literally save you thousands of dollars over the life of the loan.

How do you shop for the best deal? Simple: Head to a loan shopping site like Rocket Mortgage. They’ve eliminated most of the hoops you had to jump through in the past, so it only takes a couple of minutes to see how much you could get.

5. You’re paying too much for car insurance

If you’re like most Americans, you’re probably paying too much for car insurance. But shopping around for a better deal is such a hassle.

Well, it used to be.

Now you can just check out Provide Insurance, the largest online marketplace for insurance in the U.S. Provide Insurance lets you compare quotes from more than 175 different carriers in minutes.

All you have to do is answer a few questions about yourself and your driving history. Then Provide will show you the best options for your needs and budget.

You could save up to $610 a year on car insurance by using Provide Insurance. That’s money you could use for other things, like investing, saving or paying off debt.

Don’t let your current insurer overcharge you. Try Provide Insurance today and see how much you can save on car insurance.

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