Three Major Money Mistakes You Don't Know You Make

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

We all want to know that we are financially stable both now and in our futures - that's a given. However, sometimes a financial struggle comes about as a result of our own wrong doing, even when it happens unintentionally or without us being aware of the cause. But since the mistakes that we make when it comes to our money could have negative long lasting impacts, we put together a list of three major ones to avoid below.

Not having a savings account: From your regular savings account at your bank to accounts such as a 401(k) or Roth IRA, you must have something in place that allows you to set some of your money aside for a later date. If you aren't contributing to a retirement account, you'll find that leaving the workplace is much more difficult than it needs to be. Similarly, if you don't have a savings account for emergency funds, you could put yourself at risk for not having enough to cover any unexpected costs.

Forgetting about hidden fees: Hidden fees are everywhere - at your bank, at your credit card company, even at your favorite local stores. When opening up any account where lending and borrowing is involved, such as a new credit card, don't ignore the information about interest rates and late fees. Furthermore, does your bank or 401(k) plan charge a monthly management fee for any of your accounts? If you aren't sure at the moment, you need to find out.

Leaving all your money in a checking account: To get the most from your money, it's important to take some of it and set it aside for investment purposes. But, when we keep it all in our checking account, we aren't giving it much opportunity to gain any interest or result in a financial benefit. Instead of leaving all of your money in a single checking account, ask your financial planner where you can put some that could lead to a monetary gain.

As a leading financial planner that offers a number of different services, the team at American Investment Planners LLC realizes just how much of an impact one small change can make when it comes to feeling financially secure. If you have any doubts about the approach you're currently taking when it comes to your money, give us a call at (516) 932-5130 to learn how we can help you develop a strategy that works in your favor. For more information, please visit us at www.americaninvestmentplanners.com.