Ten common money mistakes

Created date

May 25th, 2010

Does your checking account balance bewilder you at the end of every month? Are you surprised you haven t accumulated more wealth? Even with the best intentions, we can sabotage our own financial success. Read on to learn how ten common money mistakes could be getting in the way of your financial freedom. 1. Risky business: Many people yanked their money out of the stock market after the downturn. Meanwhile, some septuagenarians invest like 30 year olds. Both strategies can get you into trouble. You should decrease your investment risk as you age, but Maryland financial advisor Brian Lipton says a balanced portfolio should include stock. 2. Buyer beware: Before you buy a complex financial instrument, such as an annuity, be sure you understand the terms. Lipton says to read the fine print and consult an independent financial advisor. 3. Social (in)security: Many people are confused about their social security benefits, and financial planner and speaker Paula Albertson says that often leads them to claim benefits too early resulting in a lower payout. ' [caption id="attachment_11995" align="alignright" width="280" caption="Don't forget to figure in the inflation rate when working on your retirement plan. (File photo)"]



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