Exploiting economic illiteracy – While this post specifically talks about investors, I would think that the whole theme goes further than just investing. Complex can be good for the financial industry, but not necessarily for the customer at the other end, especially when the pitfalls of the product haven’t been explained properly to the customer (think Option ARMs).
I’m another one of those people who believed the regular money myths that are detrimental to one’s wealth; add in a failed business that followed me around (lawsuit et al) for a long time and created debt I wasn’t too smart about paying off, and I suddenly woke up being 40, married for the first time and far too broke for the sort of income I had. Add to the mix a wife with the standard US student loan and a desire to both sell one house I own – well, the mortgage owns me – in another country and then buy a house together and we’ll have our work cut out for us. Fortunately we’re not living a lifestyle that is bigger than our wallets so we do have a little money left at the and of the month rather than a lot of month at the end of the money. Been there too, and believe me it’s not a place I want to revisit again.