Bangalore: To maintain finance, it’s good to know what you should do with your money but tips what you shouldn’t do will make you smarter financially. Here are six deadly financial sins – which you should never commit.

Co-signing a Loan

When you co-sign with your partner for a loan, it means you are agreeing to pay if the partner fails to pay. The lender may catch hold of you if your partner doesn’t make payments. Even if you are sure you could cover the payments, experts’ advice that you should step back and ask why you are being asked to co-sign. Is it because the borrower has a bad credit score and sketchy financial history? Or the borrower is looking forward to borrow a huge amount? Figure out the answers before you sign, rather drop the idea because it is no point of being accused because of your partner’s bad decision.

Buying Variable Annuities

You shouldn’t buy these variable annuities, especially in a retirement account. These annuities are too expensive but plain as simple as well. These variable annuities are a better deal for the agents rather than consumers. Relatively you should build your own investment accounts through low-cost exchange-traded funds or no-load mutual funds.