The money decisions you make today can lead to either a secure or a scary financial future. Don't be tricked into being complacent. Think ahead, plan ahead -- and avoid these 13 money mistakes that could haunt you for years to come.
We can't predict when the next one will come, but those who fall in its wake will face a tough road to recovery. That is because recessions are increasingly structural events. They occur less often but involve more economic disruption.
I've never been very good at saving. I'm a spender -- shoes, trips, nights out, you name it. It's a fact that became especially apparent to me when I found myself saddled with $10,000 of credit card debt after graduating from college.
Do you usually ignore the Open Enrollment period for your employee benefits? While it's easy to feel that once you've signed up everything is covered, times and benefits change. So each year, usually in the fall, most employers offer the opportunity to modify your choices.
We have no information advantage. The research tells us that no one can successfully select securities and time the market consistently. By trying, we increase our costs and decrease our diversification.
I recently had a friend say to me (jokingly of course), "I wish my health insurance covered retail therapy." In fact a new study out by TNS Global found that half of all Americans have admitted to engaging in one form or another of retail therapy.
Are you aware that there is in fact a new improved credit score? Yes, that's right, a new kid on the credit scoring block. If actually used, this new credit scoring formula could actually end up helping those misrepresented by current credit scoring models.
People fail at retirement planning for a variety of reasons, but one of them is that they get overwhelmed by the sheer size of the task. After all, when you calculate how much money it will cost to fund a comfortable retirement, reaching that goal can seem like scaling Everest.
The first day at a new job is full of excitement, anxiety, optimism and confusion. Am I dressed right? Will I fit in? Will I find the bathroom? Getting all those things right is important, of course. But some things that seem less pressing will have an even bigger impact on your future.
Wouldn't it be great to have a Certified Financial Planner™ for a best friend? Just think of all the advice you could get about how you might stay on track financially -- and how to make your money work harder for you.
When trying to make ourselves feel better about our financial situation, we often tell ourselves little lies that ease our minds about things. The problem is, if we tell ourselves these lies enough, we tend to start believing them.
For just about everybody, having a second baby is a financial as well as an emotional decision. That's because kids today come with a hefty price tag. According to the U.S. Department of Agriculture, the cost of raising a child to age 18 is now upwards of $245,000.
Moving your debt around can give a false sense of relief. It makes you feel better about what you owe. That's a problem because most of us don't change until we can't stand a situation any longer. So you don't change anything about your behavior.
I'm generally against loaning money to family - including the kids. Instead, I recommend they find other resources. But sometimes lending money to kids can be a win-win. At the very least, it doesn't have to be a lose-lose.
An inheritance can bring up conflicting emotions, placing the positive of financial gain against the sadness of losing a loved one. Complicating the situation further, certain inheritances -- such as an IRA -- are more difficult to sort out than others.
No matter how many video lessons, blog posts, webinars, watch-lists and trade alerts I give, far too many of my students keep making the same mistake that prevents them from taking their accounts to the next level.
Loved ones kept encouraging me to be more open about my status as a path to healing my shame, but the thought literally petrified me. Would people judge me? Would my status distract them from the accomplishments I had made?