10 Money Mistakes You’re Making, According to Financial Experts


You have no idea how to invest

Investing or saving money for the future can be challenging and downright puzzling. Roth versus the traditional IRA or terms like yields, P/E ratio, dividends, etc. is enough to make you give up and postpone your decisions for some other time. “Don’t let indecisiveness lead to you to inaction. Talk to a financial advisor who can counsel you on these decisions and work with you on a financial plan that accomplishes both your short and long-term goals,” suggests Matt Rogers, CFP®, manager, Financial Planning Group, at eMoney Advisor.


Your savings don’t match your raises

If you’ve already started putting some money aside on a weekly or monthly basis, goo for you! But what’s your plan in case you get a raise? Will you also increase the amount you put away or spend the extra money on a new car, more entertainment or holidays?

According to Rogers, this is the best approach: “Each year, if you get a raise, increase the actual percentage you are saving”. “For instance, if you get at 4 percent raise, boost your savings percentage by 2 percent and keep a 2 percent raise.” You win either way!

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