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People say that hindsight is 20/20, meaning that looking back we see things most clearly. Reviewing our financial transactions after they are complete can be a valuable learning experience that will help prevent you from repeating prior mistakes.

Performing a financial transaction post mortem, as I like to call it, is most useful for financed purchases that we pay off over a long period of time. The true cost of these transactions is most complex, and thus most insightful when analyzed. A typical example might be to review the cost of a car when you finally sell, donate, or have it hauled away.

The standard argument as to why buying a car is better than leasing one is that at the end of the payments, you’ll have an asset if you buy and nothing if you lease. The fact that monthly payments are higher, the asset in question is worth significantly less than when you bought it, and it continues to depreciate, makes the comparison difficult. Once you finally get rid of the car, then the true costs can be compared.

Crunching the numbers on the first car I bought went something like this: I put $2,500 down, paid a total of $19,630 in payments and ultimately traded the car in for $4,500. I owned the car for 67 months, which means that it cost $17,630 / 67 months or $263.13 per month. Had I leased the car, I would have put $2,000 down and paid $149 a month over 36 months. This route would have cost $205 per month (monthly cost plus the down payment amortized across the 36 months) and I would have to find a similar deal on another car after the lease ended.

What this analysis shows is that it would have been better for me to lease the car than to buy it. Of course, there are other factors that make the lease seem even better (maintenance I paid for that would have been included had I leased, giving me a more reliable car all the time) and some that make the lease seem worse (mileage restrictions).

I’m not saying that leasing a car is less expensive than buying one. In fact, I’ve seen cases where either option could be less expensive. The point of reviewing prior transactions is to learn from the experience. If you find yourself in a similar situation to the last purchase of a given item, you may reconsider how to approach it. Even if your situation is significantly different, as mine was when I was ready for another car, reviewing your prior transactions will make you better informed and help you make smarter decisions going forward.

The number of foreclosure filings for June was recently released, and the news is not good. The Associated Press is reporting that filings were 53% higher than last June. This trend shows the increasing number of homeowners with few perceived options and reminds us all to take steps to prevent foreclosure before it’s too late.

The best way to prevent foreclosure is to buy an affordable home in the first place. A home with monthly commitments that can easily be met, even during a tough financial stretch, leaves little risk of foreclosure. The main problems are that many people buy homes that they really can’t afford; use financing options that can see major price increases; are living paycheck to paycheck; or live in areas where safe, affordable housing is in extremely short supply.

For those stuck in a home heading towards foreclosure, the U.S. Department of Housing and Urban Development offers tips for avoiding foreclosure. A P2P loan may also be a good way to get some cash at a relatively low interest rate. In addition to covering unexpected expenses, loan proceeds can be used to pay your mortgage until you get back on track or to consolidate high interest debt to lower your overall monthly commitments.

At the thought of losing their homes, many homeowners finally make the changes necessary to improve their finances. Sacrificing some luxuries may be difficult, but not nearly as bad as losing a home. For those who nearly lose their homes, and perhaps even for some who do, the learning experience can actually help bring about some positive changes.

Foreclosures are going to remain high for the foreseeable future. By making good upfront decisions when buying a home and following qualified advice if you get into trouble, you can reduce your chances of being part of these catastrophic statistics.

The Dark Knight, the latest in the new series of weighty Batman remakes, had the biggest opening in box office history last weekend. The movie, directed by Christopher Nolan, features an outstanding performance by the late Heath Ledger and an outstanding storyline that helps it transcend superhero movies and become simply a great story.

Batman, as it seems, is pretty hot stuff right now. His movie is boffo, his merchandise is flying off shelves, and he has connected with a whole new generation in ways that Adam West could have never imagined. Batman's tale is analogical to any number of real-life lessons: politics, religion… banking.

Yes, even money management has a lot to learn from the Caped Crusader's escapades. He sets a prime example not only on how to rake in money at the box office, but also on how to invest and save with a superhero as a guide.

Here are four tips on how the Batman pattern of finance can pay off...

1. You don't need super powers to be effective.

Batman is a unique superhero because there is nothing supernatural about him. Superman can fly, Spider-Man can climb buildings and swing from webs, Plastic Man can bend and stretch (well, not all superpowers are enviable). But what does Batman do? He knows some form of karate, and he has gadgets. Many 14-year-olds could say the same.

What Batman does well is use his resources. Bruce Wayne, Batman's alter ego, is your typical stuffy rich person. He is Donald Trump with five percent body fat. Everything that makes him Batman is a result of his own hard work, intuition, and resourcefulness.

Consumers could learn a lot from Batman's seemingly simple beginnings. You don't need to have a finance degree to be successful with money management. You don't need a sixth sense for market fluctuations. You don't even need to know how to consistently calculate a tip amount. There are resources available to take care of all those activities.

An everyman can be successful with his money in several ways. Researching investment opportunities is a great start. Find out which banks offer the best rates and discover how to maximize your tax refund and your 401k. There are lots of tools at a consumer's disposal, making money heroism a fairly straightforward task.

2. It helps to have the right people around you.

Batman's men-only entourage includes his butler Alfred and his gadget man Lucius Fox (sidekick Robin is best left forgotten). And that's it. He doesn't have a group of handlers or a posse of friends and relatives jockeying for his attention. He has two close pals who know him better than anyone and know how to get the best out of him. Plus, they are there for Batman when he needs them, and they always give great advice.
Sound familiar? Hopefully it does. While you may not have a butler or gadget man around, you should be able to find the right people who can help you make the right decisions and offer you timely advice. Reputable sources might come from banks, investment agencies, real estate offices, or even some close advisors or friends. If they're worth keeping around, they'll help you do the right thing with your money, with nary a selfish motive in mind.

Batman could weed out the good from the bad. Can you?

3. Protect your identity.

One superhero quality that Batman fully embraces is that of the alter ego. Bruce Wayne: Billionaire by day, Batman: Flying Mammal Vigilante by night. And he really has little choice. If Batman's true identity were to be known, baddies all over Gotham City would have that many more chances to wreak havoc on him and his personal life.

The same could be said of criminals in the real world. They would love it if you were forthcoming with your identifying information — social security number, bank accounts and driver's license. And they would be thrilled to wreak havoc on your credit score and life savings.

Consumers need to protect their identities in much the same way that Batman protects his — vehemently, although sans mask and cape. When dealing with money firms and investment agencies, only give them as much information as they absolutely need. When banking online, make sure you have a safe connection and that you log out to end your session. Be paranoid about your PIN number, and be mindful of your address. You don't have to go so far as to create an alter ego, but you may need to get close enough that doing so would be your next step.

4. Uphold justice at all costs.

Batman's signature virtue is justice, which is evident in the way he fights crime at the jeopardy of his social calendar. Only when Gotham City is crime-free will he enjoy a night out on the town or a Cubs game. His love of justice, it would appear, is only trumped by his love for his Batman utility belt.

Similarly, good morals should be a tenet of investing, too. There are countless ways to fraud your way to the top of the class, but in the end, you will be fighting a losing battle. Shady deals and insider trading might seem like a good way to get ahead, but consumers would be smart to stick to the standard (and legal) ways of doing business. Partnering with a charity or investing in issues-focused organizations will get you just as far, if not farther than using the black market as your personal eBay.

Being over-insured is certainly less of a concern than being under-insured, but is still a source of inefficiency in our lives. For households where both spouses work, outdated thinking makes over-insuring a common occurrence.

Societal norms, generational traditions, and gender biasing continue to perpetrate the belief that men are the providers for their families. Women’s increasing success in the workplace has disproved this idea time and again, yet still the perception remains. As a result, many men take out much more life insurance than their situation warrants.

While their intentions may be pure, their logic is flawed. Traditionally, the sole wage earner would want sufficient life insurance to cover not only funeral expenses but also to provide for their spouse and family’s long-term financial needs. Having coverage to replace income for a long period of time made sense when few other sources of income were desired or possible.

When your spouse works, he/she is much less dependent on your income for survival. Too many people have enough coverage that their spouse would never have to work again in case of their death. While premiums may seem like a small price to pay for a windfall upon your death, your working spouse might feel bored, unfulfilled, wasted, etc., if he/she no longer worked. Situations vary, but the right amount of coverage should ease the transition from the dual income lifestyle you currently lead to the single income scenario if you were to die. You want to replace your income for a time, but don’t need to replace your spouse’s as well.

All of this discussion assumes that you die. If you do not, then the benefit of paying lower premiums in this more likely scenario may be worth much more than the possibility of riches in the unlikely one. Having more money available for savings, investments, or other types of insurance may be more beneficial.

Many younger workers would find greater benefit in extra disability insurance than they would in more life insurance. The likelihood of disability, and thus the need for coverage, tends to be much higher than death for younger workers. Here too, balancing cost versus true need for the benefit needs to be considered. If you were to become disabled and your spouse needed to care for you, then both incomes could suddenly be gone.

It’s nice to think that our spouses would never have to work again in the event of our death. The fact that they do work often indicates not only their desire to do so but also their ability to survive even without our support. This doesn’t make us unneeded, but rather suggests that the need we fill is increasingly less about financial support.