Money Pitfalls To Avoid in Every Decade of Life, According to Humphrey Yang
In a recent video, financial advisor and influencer Humphrey Yang broke down the most common financial mistakes people make at every stage of life — from their 20s through their 60s.
Here’s a closer look at those costly missteps.
Financial Mistakes in Your 20s
Not investing early enough to accrue wealth.
Not establishing a credit history or score.
Buying a new car when you don't need it or cannot afford it.
Moving out of your parents' home too soon without savings.
Not creating any form of a budget.
Read More: 4 Simple Money Habits From Mark Cuban That Could Transform Your Life
Try This: 5 Signs You’re Losing Money Every Month — and How To Find the Leaks
Financial Mistakes in Your 30s
Overspending on a wedding that is too expensive.
Neglecting to save up emergency funds.
Buying a house that is too big for your needs.
Becoming too comfortable with debt.
Lifestyle creep grows to be unmanageable.
Financial Mistakes in Your 40s
Not saving or contributing to a retirement plan.
Not setting up an estate plan.
Being not insured or underinsured.
Reckless spending and overspending on "wants" over "needs."
Chasing investment shortcuts to catch up on lost time.
Financial Mistakes in Your 50s
Early withdrawal of funds for retirement.
Not investing in the stock market.
Carrying large amounts of high-interest debt.
Brushing aside catch-up contributions to a portfolio.
Financial Mistakes in Your 60s
No strategy for withdrawal into retirement.
Not withdrawing enough money during retirement.
Opting in too early for Social Security payments.
Lacking a clear vision for retirement.
Not charting out a healthcare plan.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion:
