Are these financial products and services exaggerated? We dive in depth to find out the answer!

Finance is full of various products and services, and it is expected to change the way you manage funds. Although some of them are really good (RIP MINT), others are not worth hype. From the glittering application to exclusive credit cards, it is difficult to steal high -quality products from good marketing. Not every financial product is fulfilling its promise. Therefore, the following are some popular products and services and whether they are worth hype.

1. High -cost credit card with luxury privileges

American Express, Capital One and Chase all offer “luxury credit cards”. When I went to apply for a credit card, they tried to sell me on the cards of those who like to travel or want a specific privilege. For many people, high annual expenses may exceed their value. However, if you intend to use these privileges often, in the long run, it can pay by itself. The key here is to fully consider your lifestyle and whether you actually get benefits from these cards.

2. Extension of electronic products

When involving the extension of electronic products, do it carefully. These are usually a way to protect you, but usually unnecessary costs. Most manufacturers have provided warranty covering the defects in a reasonable period. In addition, consumer protection of law or credit card benefits may provide the same coverage for free. Extended warranty also often has excluding and fine printed materials. These prints limited their usefulness when there is a problem. Rather than spend extra money in warranty, it is better to consider putting money on maintenance or replacement. I said that the only exception is the insurance plan for your mobile phone. Most of us carry mobile phones every day, and often perform maintenance and replacement according to the insurance plan.

3. Robotic consultant

Robot consultants are famous for their low costs and automatic investment strategies, but they are not everyone’s ideal solutions. Despite the beginners or investors who want to let go, they usually lack personalized suggestions you get from financial advisers. In addition, the management costs charged by some platforms may be added over time, especially when your investment portfolio is growing. They also rely on algorithms, which may not be able to adapt to sudden market changes or complex financial goals. If you are willing to manage your own investment, it is best to use a low -cost index fund.

4. Paid day loan

Sales daily loans are sold as fast solutions for financial emergency, but their high interest rates and expenses can cause borrowers to fall into the debt cycle. These loans are usually easy to obtain, but they have the repayment terms, and most people are difficult to meet. They cannot help you spend a difficult financial scene, but will make you worse. For example, personal loans, credit cooperatives are usually safer and more affordable to alternatives borrowed from family or friends.

5. Cryptocurrency trading platform

The cryptocurrency trading platform is expected to get huge returns and exciting investment opportunities, but they are risky. There are many high transactions in these platforms, which may absorb your profits, especially when you often trade. In addition, the fluctuation of cryptocurrencies means you may lose a lot of funds in a short time. Regulatory issues and platform security are also problems, because hackers and scams become more and more common.

6. Advanced budget application

Advanced budget applications usually ensure that high -level tools are used to help you manage finances, but free alternatives may also be effective. Although the functions of subscribing to tracking or investment integration sound attractive, it is not always necessary for ordinary users. Many people find that free applications and even basic electronic forms can meet their budget needs without increasing costs. Only when you actively use advanced functions to save or make money, you will pay for budget applications.

Don’t be obsessed with hype

Not all financial products and services bring their promise value. Many of them have high costs, hidden costs and unnecessary functions. When it comes to financial conditions, you want things that are practical and direct. Therefore, before you invest in any item, please take the time to evaluate whether it is really worth it. By making wise decisions, you can avoid excessive use of products and focus on building a solid financial foundation.

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