Money Mistakes When Financial Planning

Insurance Massachusetts

Are you looking to achieve financial security? As most of us know all too well, saving your money is not easy. Sometimes it’s difficult to look ahead and save for your future, especially when times are tough for many Americans in the present. Around the holidays you may find yourself slipping up when it comes to your spending so what better time to talk about money mistakes than now? Keep these 10 common money mistakes in mind, now and throughout the year!

  1. Not setting (and keeping) a budget:  This is the best way to stretch your money and it doesn’t have to be hard. Set goals for yourself and then create a budget with those goals in mind.
  2. High-Interest credit cards: If you have a high-interest credit card when you’re paying the monthly minimum or miss payments, you are setting yourself up for debt as you accrue the high interest.
  3. Keeping things to yourself: It doesn’t have to be a financial advisor, but financial experts suggest you share your financial moves with someone. If you are the only person that knows what you are doing with your money, there’s a better chance of you fooling yourself into thinking you’re doing better than you are.
  4. Not keeping track of credit reports: It’s a good idea to regularly pull your credit report so you are aware and can clue yourself in on how that can affect your well-being.
  5. Not saving for repairs: This may be my favorite one because it’s so true. Everything is going to break from your car to your appliances… wouldn’t it be nice to have money set aside for that?
  6. Buying a house: Buying a house is a good investment; buying one you can’t afford is not. Ted Jenkin, CEO and founder of oXYGen Financial, Inc. advises his clients to buy homes with mortgage payments are between 28 and 34 percent of their total gross monthly income.
  7. Not knowing the lending terms: Before you get a loan or credit card, make sure you understand the hidden fees and the monthly APR.
  8. Not diversifying investments: Divide your investments between stocks, bonds, a small amount in cash equivalents, and other investments. Putting all your money in one place is a big risk and can really put you in a bad place financially.
  9. Retirement planning: Make sure your retirement plan has a long enough timeframe. Many people still plan to live until they are 90, but fortunately for us we’ll most likely be here longer than that!
  10. Not Buying Life insurance:  No one wants to think about death, but it is important to think about the financial well-being of those you leave behind. Talk with an agent today about the Massachusetts Life Insurance policy that is right for you. With all of the planning you are doing to set yourself up for a secure life of retirement, think about those loved ones you will leave behind as well! A great Massachusetts Life Insurance policy is a great investment in preparing for the future.

 

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Insurance Massachusetts

Are you looking to achieve financial security? As most of us know all too well, saving your money is not easy. Sometimes it’s difficult to look ahead and save for your future, especially when times are tough for many Americans in the present. Around the holidays you may find yourself slipping up when it comes to your spending so what better time to talk about money mistakes than now? Keep these 10 common money mistakes in mind, now and throughout the year!

  1. Not setting (and keeping) a budget:  This is the best way to stretch your money and it doesn’t have to be hard. Set goals for yourself and then create a budget with those goals in mind.
  2. High-Interest credit cards: If you have a high-interest credit card when you’re paying the monthly minimum or miss payments, you are setting yourself up for debt as you accrue the high interest.
  3. Keeping things to yourself: It doesn’t have to be a financial advisor, but financial experts suggest you share your financial moves with someone. If you are the only person that knows what you are doing with your money, there’s a better chance of you fooling yourself into thinking you’re doing better than you are.
  4. Not keeping track of credit reports: It’s a good idea to regularly pull your credit report so you are aware and can clue yourself in on how that can affect your well-being.
  5. Not saving for repairs: This may be my favorite one because it’s so true. Everything is going to break from your car to your appliances… wouldn’t it be nice to have money set aside for that?
  6. Buying a house: Buying a house is a good investment; buying one you can’t afford is not. Ted Jenkin, CEO and founder of oXYGen Financial, Inc. advises his clients to buy homes with mortgage payments are between 28 and 34 percent of their total gross monthly income.
  7. Not knowing the lending terms: Before you get a loan or credit card, make sure you understand the hidden fees and the monthly APR.
  8. Not diversifying investments: Divide your investments between stocks, bonds, a small amount in cash equivalents, and other investments. Putting all your money in one place is a big risk and can really put you in a bad place financially.
  9. Retirement planning: Make sure your retirement plan has a long enough timeframe. Many people still plan to live until they are 90, but fortunately for us we’ll most likely be here longer than that!
  10. Not Buying Life insurance:  No one wants to think about death, but it is important to think about the financial well-being of those you leave behind. Talk with an agent today about the Massachusetts Life Insurance policy that is right for you. With all of the planning you are doing to set yourself up for a secure life of retirement, think about those loved ones you will leave behind as well! A great Massachusetts Life Insurance policy is a great investment in preparing for the future.

 

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