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Waylon Hernandez
Waylon Hernandez

15 Financial Mistakes That Can Wreck Your Savings



The good news is you might live much longer than you think. The bad news is, you might need more money than you think. When it comes to retirement planning, many people fail to accurately factor in a realistic life expectancy. If you have saved up for 70 years of life and end up making it to 85, that extra time will be a big financial squeeze.




15 Financial Mistakes That Can Wreck Your Savings


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Many people enter retirement because they want to slow down their lives. It is important to fully appreciate that retirement is potentially 30 years of unemployment, and the cost of living increases over time. Planning around an income stream through retirement is fundamental. Knowing at least on paper that you have financial security for life is vital before entering into full retirement. - Daniel Kachani, Aria Wealth Solutions


The biggest mistake most people make early in retirement is that they do not budget properly for the inevitable downturn in the market. Thus when that downturn happens, drastic changes are needed to correct the retirement assets. Pre-retirement is typically the period a person has the highest cost of living, so learn to spend less at the beginning of retirement and your money will last through it. - Joseph Orseno, Tiltify


You may see some lenders use other terms like prequalified and preapproved. Prequalification often provides a preliminary estimate of what you can afford, but it doesn't give you the financial backing that home sellers might be interested in seeing. By verifying some of your financial information, lenders can also offer preapproval.


This is an initial approval of you and your finances. It isn't a final approval that promises you a mortgage, but it can help you make a stronger offer to sellers. Rocket Mortgage can also offer Verified Approval, an even higher level of initial approval where we verify your credit, income and assets with the documentation you send to us.


Be sure to consider any monthly expenses that may have been unaccounted for in the initial approval process. In addition to your current budget, factor in extra costs that will come with being a homeowner, including closing costs, maintenance and the potential for increased utility costs.


Draining your savings can put you in a troublesome position when it comes time for other hidden or unexpected maintenance costs, leaving you vulnerable in emergency situations. So, while that extra bedroom may be appealing, make sure you can afford the home and your mortgage without depleting your savings.


FinanceBuzz is an informational website that provides tips, advice, and recommendations to help you make financial decisions. We strive to provide up-to-date information, but make no warranties regarding the accuracy of our information. Ultimately, you are responsible for your financial decisions. FinanceBuzz is not a financial institution and does not provide credit cards or any other financial products. FinanceBuzz.com does not make any credit decisions.


Generally, the right plan is about timing, opportunity and not following the myths that can destroy your retirement. With that in mind, here are some retirement-planning errors to avoid, along with tips for correcting them.


Not starting the retirement-planning process is one of the biggest retirement mistakes you can make. You should determine what you want your future to look like, as well as how much money you can realistically set aside. Then, find a plan that will get you there.


A retirement savings rate is the amount of money you deduct from your paycheck to put toward retirement. For example, if you deduct $200 every month from your $30,000 salary, your retirement savings rate is 8%.


According to Fidelity Investments, the average cash-out amount of a person under 40 who is changing jobs is $14,300. Although cashing out your 401(k) might seem like a good idea if you need to solve a short-term financial crisis, doing so can have dire consequences.


Your financial advisor might try to convince you to cash out your pension from a former employer. Unless you really need the money now, this is mostly in the interest of your advisor, who could make tens of thousands in commission, according to Time Money.


For many people, retirement means transitioning to a fixed-income lifestyle. Carrying debt into retirement is therefore detrimental to your financial strength and can eat away at your retirement savings. Do your best to get all debt paid off before you stop working.


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If your parents or another family member is going to give you money for the down payment, make sure they do so at least three months before you start applying for mortgages. Generally, lenders want to see a history or that it has been in your savings account for at least 90 days.


If leasing is right for you, do your homework, shop around and run the numbers to ensure that you get a lease that fits your driving habits and budget. Pay close attention to your monthly costs and the terms and conditions. To calculate your monthly payment amount, the dealer will analyze the value of the new car versus its residual value. Like with any transaction involving financing, the higher your credit score, the lower your interest rate.


Avoid becoming so materialistic that you ignore what your spouse really needs and wants. If you want your marriage to survive, material goods should be just a part of your life and not the main focus.


Q: My boyfriend and I been together for over 15 years. We have joint savings and checking accounts. We planned on getting married. However, after he won a settlement that was deposited in our joint account, he wants out of the relationship. Can I get in trouble for taking the...


You are now obliged to handle your financial expenses and make sure to make the best spending decisions. Although it is somewhat exciting for some, mismanagement of your money could lead to severe consequences.


Your personal financial management experience in your college life is your steppingstone towards your professional and career life. Hence, it is imperative to hone your skills at knowing how to spend your money well on things that do matter. This will help you prepare to experience minimal to zero monetary stress in the future.


A CNBC article claims that men tend to shop more on impulse purchases than women. Being aware of this tendency and trying your best to avoid it as early as you are a student is smart to develop discipline and control against impulse buying habits.


60% of these students use it so they can build and stabilize their credit score. This is convenient and will help you when things go downhill financially and you are caught in emergencies. Nevertheless, you must be fully aware not to overuse it. Knowing the limits of your credit card is very critical.


You may be tempted to spend everything you have, knowing that your parents can eventually keep you should you be no longer able to support yourself. But although this is practically and ethically correct, you have to set your mind to economic discipline correctly. As you mature and become more independent, you will learn the value of money and understand the best way to save it.


You will realize why you need to have an emergency fund because it will provide you with an optimal safety cushion. Learning how to save will allow you to enjoy the fruits of your sacrifice later. You will notice that you could make space for some discretionary spending, which would result in being able to afford your other wants.


Spending time with your buddies would be fine, but you should know your limitations. If you keep on going with them to expensive bars and restaurants, you would be quite aware of the financial impact it will cause so, if you do want to spend time with them, schedule and limit the frequency of incurring such expenses.


Most of the places all over America provide freebies and discounts to students nationwide. You can earn perks and advantages that are not offered to adults and regular citizens. Showing your student identification card may earn you discounts on on-campus gym memberships, public transportation, book purchases, and other perks.


These will you make you more visible to the credit-scoring industry. Many transactions that you will have and deal with would depend on your credit scores, so it is advisable to build them as soon as possible gradually.


Once you have financial obligations like your credit cards and a car loan, you need to make sure that you could afford to pay them on time. Otherwise, these could turn a backlash to your credit scores.


You may have acquired these credits to increase your score, but not paying your dues will turn your financial records into a mess. So, take good care of your credit standing and pay your dues on time.


This is a more practical option, and you should make use of it because it will lead to maximum savings on your rental costs. Oregon Institute of Technology shows the many benefits for students if they opt for living on-campus. 041b061a72


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