{"id":44258,"date":"2023-01-19T20:24:15","date_gmt":"2023-01-19T20:24:15","guid":{"rendered":"http:\/\/www.brandon.ddtest.info\/multisite-test\/avoid-these-top-10-common-financial-mistakes\/"},"modified":"2023-01-19T20:24:15","modified_gmt":"2023-01-19T20:24:15","slug":"avoid-these-top-10-common-financial-mistakes","status":"publish","type":"post","link":"http:\/\/www.brandon.ddtest.info\/multisite-test\/avoid-these-top-10-common-financial-mistakes\/","title":{"rendered":"Avoid These Top 10 Common Financial Mistakes"},"content":{"rendered":"<p> \n<\/p>\n<div>\n<p><a href=\"https:\/\/www.financialliteracy101.org\/financial-literacy\/index.cfm?\">\u201cFinancially literate individuals<\/a>\u00a0use financial knowledge to make better financial decisions.\u201d\u00a0 Unfortunately, most of us don\u2019t learn financial literacy in school. John Pelletier, director of the Center for Financial Literacy at Champlain College in Vermont,\u00a0<a href=\"https:\/\/www.forbes.com\/sites\/forbesfinancecouncil\/2022\/10\/11\/should-schools-teach-financial-literacy-classes\/?sh=4723575b4633\">estimates that only \u201c30% of public school kids now have access to financial literacy courses.\u201d<\/a>\u00a0This lack of financial education may be one of the primary reasons many Americans find themselves in financial straights.\u00a0<\/p>\n<p>A<a href=\"https:\/\/www.federalreserve.gov\/publications\/2021-economic-well-being-of-us-households-in-2020-dealing-with-unexpected-expenses.htm\">\u00a0Federal Reserve study<\/a>\u00a0found that many Americans would have difficulty coming up with $400 to cover an unplanned expense. Additionally.\u00a0<a href=\"https:\/\/www.nfcc.org\/wp-content\/uploads\/2017\/03\/NFCC_BECU_2017-FLS_datasheet-with-key-findings.pdf\">15% of adults roll over $2,500 or more in credit card debt each month<\/a>.\u00a0The good news is that you can avoid these financial mistakes and set yourself up for financial success instead of jeopardizing your financial future.<\/p>\n<p>Here are the top financial pitfalls to avoid:<\/p>\n<aside class=\"scaip scaip-1    \">\n<aside id=\"block-5\" class=\"widget_block clearfix\"\/><\/aside>\n<h2 id=\"h-1-spending-more-than-you-earn\">1.\u00a0 Spending More Than You Earn<\/h2>\n<p>Signs that you are spending more than you earn include living paycheck to paycheck, credit card debt you are unable to pay off each month, and little or no money in savings. If this sounds like your current situation, there is still time to gain control over your finances.\u00a0<\/p>\n<p>A budget is a critical tool for understanding and monitoring your spending.\u00a0<a href=\"https:\/\/www.nerdwallet.com\/article\/finance\/best-budget-apps\">Online budgeting tools<\/a>\u00a0will provide a clear picture of where your money is going. Once you understand your current spending habits, you can identify areas to cut back.\u00a0<\/p>\n<h2 id=\"h-2-not-having-an-emergency-fund\">2. Not Having an Emergency Fund<\/h2>\n<p>\u00a0An emergency fund is vital to financial stability. Ideally, it should cover 3-6 months of living expenses in case of job loss or other unforeseen circumstances. However, even a few hundred dollars can help cover unexpected expenses without going into debt. Start putting a small amount into a savings account monthly and watch your emergency fund grow.\u00a0<\/p>\n<aside class=\"scaip scaip-2    \">\n<aside id=\"block-6\" class=\"widget_block clearfix\"\/><\/aside>\n<h2 id=\"h-3-taking-loans-you-cannot-repay\">3. Taking Loans You Cannot Repay<\/h2>\n<p>Another financial pitfall is taking loans you don\u2019t have the means to pay back. Education Data Initiative reports that \u201c42.8 million borrowers have federal student loan debt\u201d and \u201cthe average federal student loan debt balance is $37,787 while the total average balance (including private loan debt) may be as high as $40,780.\u201d While student loans are an investment in your future,\u00a0 research and apply for scholarships and financial aid and consider costs when selecting which college to attend.\u00a0<\/p>\n<p>Mortgages are another type of loan that can lead to dire financial consequences.<a href=\"https:\/\/www.bankrate.com\/real-estate\/should-i-buy-house\/#signs\">\u00a0Before jumping into home ownership<\/a>, make sure that your current debt is manageable, your employment situation is stable, and you have money for a down payment and maintenance costs. When that is the case, be cautious about taking on a mortgage that doesn\u2019t allow you to save for other important financial goals.\u00a0<\/p>\n<h2 id=\"h-4-not-monitoring-your-credit-score\">4. Not Monitoring Your Credit Score<\/h2>\n<p>A low credit score could prevent you from gaining access to credit in the future. Your credit card and loan options will be limited, and interest rates will be higher. It may even make renting an apartment more challenging.\u00a0<a href=\"https:\/\/www.debt.org\/credit\/improving-your-score\/\">Take steps to build a strong credit score<\/a>\u00a0while avoiding the mistakes that can lower it.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/static.assets.boss\/uploads\/cms\/715bb3ca-78c2-4a7a-a156-552437804ab6.jpg\" alt=\"\"\/><\/figure>\n<p><em>Photo:\u00a0victorhenry via 123RF<\/em><\/p>\n<h2 id=\"h-5-not-having-a-debt-repayment-plan\">5. Not Having a Debt Repayment Plan<\/h2>\n<p>A debt repayment plan guides the steps to get out of debt and improve your financial situation. Without a plan, it is easy to get discouraged and give up. Decide whether you will decrease spending, bring in more money, or a bit of both to make larger monthly payments. Start with paying off high-interest debt first and as quickly as possible to save on interest and free up more money for other purposes.\u00a0<\/p>\n<h2 id=\"h-6-not-investing-for-the-future\">6. Not Investing for the Future\u00a0<\/h2>\n<p>Investing early and often can help you reach your financial goals sooner. Retirement and college for your children may seem like a long way off, but it\u2019s never too early to start saving. Talk with a financial professional about how to start investing and options for making your investment automatic and most advantageous for your current situation.\u00a0<\/p>\n<h2 id=\"h-7-not-taking-advantage-of-employment-opportunities-and-funds\">7. Not Taking Advantage of Employment Opportunities and Funds<\/h2>\n<p>One of the best ways to build your retirement fund is by taking advantage of employment-based programs. Even if it is only a minimal amount initially, participate in any employer-sponsored retirement funds and stock options.\u00a0<\/p>\n<h2 id=\"h-8-not-investing-in-yourself\">8. Not Investing in Yourself<\/h2>\n<p>Investing in yourself is one of the best things you can do for your future. Time and money spent on your education, career, and health often improve your financial situation. This could mean pursuing an advanced degree or taking classes to learn a specific skill to increase your earning potential. Taking care of your health and wellness now could prevent or delay future expensive health issues.\u00a0<\/p>\n<h2 id=\"h-9-not-protecting-your-assets\">9. Not Protecting Your Assets<\/h2>\n<p>Unfortunately, we won\u2019t live forever. Life insurance provides a security net to pay for funeral expenses and support family members when you are no longer producing income. Meanwhile, a will ensures the distribution of your assets according to your wishes.\u00a0<\/p>\n<h2 id=\"h-10-not-financially-educating-yourself\">10. Not Financially Educating Yourself<\/h2>\n<p>Financial literacy is about understanding the critical components of financial success. It is also about using that knowledge to make wise choices to avoid common mistakes that jeopardize your financial well-being. Educate yourself with reputable financial education books and classes. Then, partner with a certified financial advisor to start planning for your financially secure future.<\/p>\n<p>Knowing the most common financial mistakes is the first step to ensuring you don\u2019t make them!<\/p>\n<p>\t\t\t\t\t\t<!-- .author-bio --><\/p>\n<p><h3 class=\"jp-relatedposts-headline\"><em>Related<\/em><\/h3>\n<\/p><\/div>\n<p><script><\/p>\n<p>!function(f,b,e,v,n,t,s)<\/p>\n<p>{if(f.fbq)return;n=f.fbq=function(){n.callMethod?<\/p>\n<p>n.callMethod.apply(n,arguments):n.queue.push(arguments)};<\/p>\n<p>if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';<\/p>\n<p>n.queue=[];t=b.createElement(e);t.async=!0;<\/p>\n<p>t.src=v;s=b.getElementsByTagName(e)[0];<\/p>\n<p>s.parentNode.insertBefore(t,s)}(window, document,'script',<\/p>\n<p>'https:\/\/connect.facebook.net\/en_US\/fbevents.js');<\/p>\n<p>fbq('init', '882332792475796');<\/p>\n<p>fbq('track', 'PageView');<\/p>\n<p><\/script><br \/>\n<br \/>\n<br \/><a href=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/CBMiTWh0dHBzOi8vc2Fjb2JzZXJ2ZXIuY29tLzIwMjMvMDEvYXZvaWQtdGhlc2UtdG9wLTEwLWNvbW1vbi1maW5hbmNpYWwtbWlzdGFrZXMv0gFRaHR0cHM6Ly9zYWNvYnNlcnZlci5jb20vMjAyMy8wMS9hdm9pZC10aGVzZS10b3AtMTAtY29tbW9uLWZpbmFuY2lhbC1taXN0YWtlcy8_YW1w?oc=5\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cFinancially literate individuals\u00a0use financial knowledge to make better financial decisions.\u201d\u00a0 Unfortunately, most of us don\u2019t learn financial literacy in school. John Pelletier, director of the Center for Financial Literacy at Champlain College in Vermont,\u00a0estimates that only \u201c30% of public school kids now have access to financial literacy courses.\u201d\u00a0This lack of financial education may be one &hellip;<\/p>\n","protected":false},"author":1,"featured_media":44259,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/44258"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=44258"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/44258\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/44259"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=44258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=44258"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=44258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}