3 Common Money Mistakes You Need to Stop—Stat!
Money is something we all want more of even though we also love to spend it (well, science says it does makes us happier), but according to a new study, we don't like to talk about it—at all. In fact, a 2013 Wells Fargo report found our financial health is at an all-time low with 44% of Americans choosing conversations on death, religion, politics, or their health over personal finance. The bad news is keeping financial matters to yourself can cause more money problems, including emotional stress and heartbreak. The good news is there's always time to improve your finances. You just have to identify the common money mistakes you're making and change them, ASAP. Scroll down to find out more.
Not planning for retirement
Did you know that the Social Security trust fund is scheduled to run out in 2037? This is definitely a scary forecast, and while it doesn't mean you will be left out completely, it does mean you need to start planning for your retirement now. Why? Well if you relied solely on your social security, expect a 24% cut in your benefits and ask yourself Will that be enough to live on? Maybe, but certainly not comfortably.
Not understanding home loans
I am just starting to consider buying a home for the first time in my life. I have no idea where to start, but it seems I am not alone. Most of my peers often feel confused about what's required and where to start. Money reports 36% of Americans mistakenly believe that a 20% down payment is always required, myself included. So do the research before you start thinking about buying and always weigh the pros and cons of renting versus buying too.
Not being honest with your partner
I think most of my friends can relate to this. How many times have you bought something for yourself and not told your partner about it? Even worse, hid it in the cupboard and pulled it out later with the oh this old thing line? Apparently this is pretty standard. A recent poll found "one in three adults in a combined financial relationship admits to financially deceiving their partner."
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