5 Money Mistakes You Shouldn't Joke About

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

In a perfect world we know it would be ideal to never make a mistake, but in the world we live in, mistakes are a natural part of life! When it comes to the mistakes that are made, though, there are a select few that should be avoided at all costs, and they shouldn't be brushed off so easily either. 

If you've made or are making any of these mistakes, they definitely aren't something to laugh about:

1. Failing to save. We're sure you've heard it time and time again, but we'll repeat it now - always do what you can to save money. Whether it's through a savings account, a retirement fund, or even something as simple as a change jar that you keep on your dresser, the more you save now, the better off you'll be later.
2. Living out of your means. The amount of money you can spend is largely determined by your income - stick to this. When you get used to spending money that you don't have, you'll quickly find yourself in a hole that is hard to dig out of.
3. Leaving questions unanswered. The act of not knowing can take a negative toll on a lot of things, such as your retirement efforts. If you don't ask questions where 401(k)s and IRAs are concerned, you'll never know what you can be doing to benefit yourself in the long run - the same goes for topics such as estate and tax planning.
4. Not having a strategy. You should always have a strategy for what you do with your money, starting with a budget. If you go about spending and saving without some sort of plan, it can be easy to get off track and wind up with not enough to get you through different situations and periods of your life.
5. Using your retirement savings early. Unless it's an emergency, you should never think of your retirement fund as a source of income that you can tap into at any moment. Especially since doing so can cost you in penalties, your best bet is to leave it alone and only look at it when you speak with your financial planner, or, of course, when it's time to retire.

So how can you avoid making mistakes like these? The first place to start is by knowing them (which, since you've read this post, now you do!), then make it a priority to meet with a financial planner like ourselves so that we can create a financial strategy that can last for generations.

To learn more about the financial planning services we offer, please give us a call at (516) 932-5130 today.