77 common financial mistakes
It’s always good to have a little education. When it comes to money management, a little education could help you more than you imagine and eventually lead to a more financially productive life.
Do you know the most common financial mistakes that might be making? Checkout 77 common financial mistakes and find out, how you can avoid them.
Using the wrong financial advisor
No budget/over spending/overuse of debt
Making the minimum monthly payment on credit cards.
Failure to start saving early/delaying to save
Not taking advantage of tax deductions.
Using the wrong accountant.
Being overly concerned about taxes
Not taking annual Required Minimum Distributions (RMD) from a Traditional IRA.
Investing too conservatively.
Relying solely on Social Security for retirement.
Not maximizing Social Security benefits.
Purchasing life insurance as an investment.
Wrong life insurance ownership selection.
Purchasing insurance with low deductibles.
Not purchasing an umbrella insurance policy.
Not having an emergency fund.
Not considering tax-saving strategies when selling highly appreciated property.
Bad gifting strategies.
Not planning for health care costs.
Not planning for long-term care costs.
Failure to diversify.
Failure to diversify effectively.
Diversifying through multiple investment advisors.
Chasing past performance.
Investing money based on “hot-tips” or advice from friends, family, and co-workers.
Allowing emotions to dictate your investment decisions.
Using high-cost investments.
Trying to time the market’s movements.
30 out of 77 common financial mistakes are listed so far. Follow Solid Rock Wealth Management on Medium to find out what are the remaining ones and how to avoid all of them.