Enoch Omololu | Source | Personal Finance Expert at Dollar Financials
Enoch Omololu
Enoch Omololu is a personal finance expert and writer. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance. Enoch is passionate about helping others win with their finances and has written about money matters for over a decade. His personal finance site, Dollar Financials, has been read by over a million people since it was founded in 2020. He has been featured or quoted in Forbes, GO Banking Rates, Yahoo, Bankrate, The Globe and Mail, CBC News, CTV News, National Post, and many other personal finance publications.
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Dollar Financials
Personal Finance Expert
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4 Kinds of Insurance You Really Don’t Need To Buy
Avoid throwing money away on these policies.
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9 Middle-Class Money Traps That Keep You From Being Wealthy
Relying heavily on credit cards is one of them.
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“The middle class money trap occurs when an individual settles for the status quo after they start earning middle-class income,” said Dr. Enoch Omololu, a personal finance expert and founder of Savvy New Canadians and Dollar Financials. “This is because they now see themselves as being, at the very least, as financially secure as their neighbors and better off than many other Americans. They lose their competitive spirit, which limits their ability to grow their net worth even further.”
“Poor investment knowledge also results in people having limited diversification for their investment portfolios,” said Omololu. “For example, they may have all their net worth invested in a larger-than-necessary home instead of spreading their holding across real estate, stocks, bonds and other assets.”
- GOBankingRates; 9 Middle-Class Money Traps That Keep You From Being Wealthy; https://www.gobankingrates.com/money/wealth/middle-class-money-traps-that-keep-you-from-being-wealthy/
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“You pay up to 10 times higher premiums than for term life insurance and may be unable to keep up with the payments long term,” said Dr. Enoch Omololu, a personal finance expert and founder of Dollar Financials."
“Extended warranties sold by stores for new items are usually nothing more than money down the drain,” Omololu said. “A simple repair could be cheaper than shelling out hundreds of dollars for an extended warranty. Most products have a reasonable life expectancy and durability, and you may be able to get a free replacement regardless of insurance if they break down too soon.”
Omololu added that some credit cards offer up to a one-year extension of the manufacturer’s warranty, with coverage for repair, replacement and even a refund of your money.
GOBankingRates; 4 Kinds of Insurance You Really Don’t Need To Buy; https://www.gobankingrates.com/money/financial-planning/types-of-insurance-that-are-wastes-of-money/
