These are the top 20 financial mistakes people typically make:
- No emergency fund
- Not contributing to 401(k)
- Not contributing to 401(k) to maximum amount of employer’s match
- Timeshares
- Office condos
- Whole life insurance after age 30
- No life insurance
- No disability insurance
- No wills
- Not opening 529 for kids when they’re born
- Not negotiating financial aid offer letter from college
- Buying insurance to ‘hide’ assets to qualify for college financial aid
- Co-signing kids’ college loans
- Borrowing from 401(k) for kids’ college expenses
- Buying a car every 3 years
- Trying to keep up with the Joneses
- Focusing on stock returns, not your goals
- Using home equity to pay for depreciating assets
- Buying too much house
- Credit card debt
Have you made 1 or more of these mistakes? Don’t feel bad, you’re not alone. Would you like a complimentary consultation to discuss? Click the “Schedule an Appointment” button at the top of the sidebar to the right!
