Financial Mistakes You’ll Regret Later in Life

There’s always more time, right?

Well…yes and no. You still have time to make good financial decisions, but financial mistakes made now can also impact your retirement plans. It’s time to correct (or prevent) those errors.

You deserve a retirement without regrets, so let’s go over some key financial mistakes to avoid.

• Failing to Save: Saving is hard. Things come up all the time preventing families from saving. Remember to save each month, even if it’s only a little bit. And open an IRA or participate in your employer’s retirement savings plan. Many Americans don’t have these accounts, putting them at a disadvantage later.

 

• Not Investing: Investing sounds scary (which is why a lot of people avoid it). However, it’s not as scary as it seems and can add to your retirement portfolio. The stock market is still one of the best ways to invest, and you should diversify into different companies. Don’t put all your money in one place. And if the market takes a downturn, bide your time…it generally rebounds after a couple years.

 

• Overspending on the Kids: Spending money on children is a wonderful thing! After all, they’re family! But you must draw the line somewhere. Dipping into your savings too often for the kiddos puts your retirement at risk. Be realistic about how much you can pay for a kid’s college bill and know there are scholarships and loans available. Allow your adult kids to fend for themselves a bit.

 

Remember: it’s not too late! There’s still time to save and invest, whether you made these missteps or not. And Kelly Community is here to help you as you take care of your family’s future.

Start (or restart) saving by opening an IRA today. Let’s tackle and overcome those financial mistakes!