The Top 7 Financial Mistakes You’re Probably Making

October 19th, 2020
October 19, 2020
Joseph Vecchio

7 Financial Mistakes You’re Probably Making Right Now:

 

1) You Don’t Save Your Money

 

piggy bank with money

 

We’ve all heard this before and that’s because it’s one of the most important things you can do, not only to save money but also to add to your money. Any financial advisor will tell you that you should save around 15% of your monthly income for a variety of reasons. Also, you should start an emergency fund for when life happens. You don’t ever want to take out of your retirement savings, so always prepared for the worst through good savings habits. 

 

2) You Pay Too Many Fees

 

You’re probably on top of all of your credit card fees, late fees and ATM fees but the money you save on these is a cheap change in comparison to the money many people lose annually. Individually we will lose one third of all of our retirement savings to fees. Allow us to help you identify and avoid unnecessary fees you may be paying by examining your expense ratios. See my blog about how Medical Professionals are being cheated out of their money by expense ratios by clicking here

 

3) Debt

 

Debt is dangerous, especially in these times. Once in, it is easy to fall deeper and deeper into debt. This causes a myriad of problems that are often not just financial. By setting up an emergency fund for these tough situations you can insure against any looming debts.

 

4) You Ignore Your Credit Score

 

credit score

 

Having a good credit score can be extremely beneficial when it comes to borrowing loans for your house, cars, or business ventures. The better your credit score, the lower you pay in interest. If you’re not on top of your credit score, you’re in luck. Check out our blog detailing how to raise your credit score the right way by clicking here.

 

5) You Don’t Teach Your Kids About Money

 

Start them young! Proper financial management is a skill rarely taught in school. It can be extremely beneficial if you instill good financial habits as your kid matures into financial independence. Gift your children with the knowledge you wish you had had and leave a lasting impact on the future generation.

 

6) You Don’t Re-Evaluate

 

Stuff happens. Life changes. After being installed, a financial plan should constantly be re-evaluated to assure it fits the current circumstances. As Covid-19 swept through the country, I witnessed family and friends lose their current income. By helping you stay ahead of your needs, Shore Financial planning can guide you towards the retirement of your dreams.

 

7) You Don’t Ask For Help 

 

One of the biggest things people in financial trouble tend to forget is that they are not alone. If you are ever in a situation of extreme financial stress, know there are others who have been there and have gotten out. You can always click this link for a FREE financial assessment and to schedule an introductory meeting where we will discuss your current financial situation and see how we can help you.

 

Own Your Mistakes:

 

Many people don’t bother with financial advisors because of the negative stigma surrounding the process. It is seen as a long and painful process, something only done by the rich. At Shore Financial Planning, we tailor our services to your needs. We will walk you through, in plain english, where you need to go to find financial peace of mind. However, when it comes to really making a change, it’s up to you. If you are unhappy with your current financial situation, own your mistakes and learn from your past. Stop doing the same things over and over and take the first step towards changing your financial life today.

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