Preventing Financial Horror Stories

The Motley Fool helps the world invest better all year long, but we reserve one day each year to foster our own employees’ financial wellness. Fools recently celebrated another Financial Health Day, filled with tailor-made activities, prizes, and educational workshops to encourage every employee to better live our mission.

Our Certified Financial Planners kicked off the day with financial horror stories, told in a 2 truths/1 lie format. They agreed to pass along a few to us – the true tales, at least.

A client(s):

*Spent $1,000 on an oil change package and never used it because of disagreement with the dealership.

*Engaged in estate planning process to ensure the dog would be provided for.

*Spent over $10k in legal fees during a divorce arguing over who would get the travel reward points.

*Attempted to claim hike up Mt. Kilimanjaro as a business expense.

*Wife learned of mistress through the husband’s beneficiary designation.

*Submitted mortgage payment to the trash company by accident using online bill pay.

While these scenarios (sadly) happened, money mishaps are so easily avoidable. Thankfully, the Fool isn’t the only company to support financial education. A CFPB report points out the many benefits of financial wellness programs, including:

*Decreased financial stress, and therefore better physical health.

*Increased Employee Engagement

*Reduced Absenteeism

Avoid a financial horror story by educating your company, family, and friends about the importance of financial wellness. Checking out the Fool’s 13 Steps to Investing Foolishly is the perfect way to start your journey!

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