10 Common financial mistakes and how to avoid them

DEWITT, Mich. - March 28, 2023 - PRLog -- Everyone makes mistakes. Learning from them is what really counts. Here are 10 common money mistakes and tips to move past them.

1. "I live within my means. If I have anything left after paying bills, I put it in my savings account."
   You've heard it before: Failing to plan is planning to fail. The best way to reach your financial goals is to develop a strategy to help you get there. Having a plan to follow will increase your chances of sticking to it.
2. "I have a credit card – I don't need an emergency fund."
   If you don't have three to six months' worth of living expenses saved in an easily accessible account, now is the time to start working toward that goal.
3. "I've been meaning to enroll in my 401(k) at work but haven't had time yet."
   An employer-sponsored retirement plan is a valuable benefit you don't want to pass up. With today's long life expectancies, you could spend 30 years in retirement.
4. "Retirement is so far away that I don't need to plan for it now. I'll have plenty of time later."
   Retirement shouldn't be an imaginary phantom for you. It should be a real event you plan for in your future.
5. "I don't have enough money to invest."
   Investing is not just for the wealthy; it's for anyone who wants to work toward a better financial future.
6. "The only way to make money is to buy and sell stocks frequently."
   We believe that constantly looking for today's hottest investment or best deal can actually undermine your success.
7. "I don't have time to review my statements or meet with my financial advisor regularly."
   Investing for your future is an ongoing process that requires regular attention and review, and it should change as your life changes
8. "I don't have time to figure out what I spend each year for health care and dependent care expenses."
   Talk to your tax preparer to understand the deductions and credits that are available.¹
9. "My fiancé and I don't like to talk about finances."
   Understanding each other's financial priorities and goals, and developing strategies you both can agree on, are essential to a successful relationship.
10. "Estate plans are only for people who have a lot of money."
    The fact is, estate strategies are for everyone and can be as simple as having a will.

Important information:

1 Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation.