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12 money mistakes that could cost you $1,000,000
By Daniel | June 3, 2008
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In a report by Consumer Reports.org they have listed 12 money mistakes that could cost you one million dollars. Here is their list and for the complete article, click here. |
- Investing too conservatively during retirement
- Retiring before you need to
- Launching a divorce war
- Underinsuring your home
- Overpaying for your mortgage
- Carrying a credit-card balance
- Maintaining an unhealthy lifestyle
- Ignoring Roth accounts
- Cashing out your 401(k)
- Underfunding your 401(k)
- Paying needless fund fees
- Falling for a scam
Cost: $360,000 to $750,000. Their recommendation is to have a stock/bond mix with as much stock as you’re your comfortable, a 80/20 or 70/30 mix for example.
Cost: $237,000 to $309,000. If you’re in good health, look at pushing back retirement.
Cost: $49,000 to $188,000. Conflict will raise the legal costs, try to work on a low cost solution.
Cost: $16,000 to $194,000. Have your home assessed and adjust your coverage to cover the replacement cost.
Cost: $27,000. Search for the best mortgage rates.
Cost: $5,000 to $23,000. Pay off balance each month to avoid interest.
Cost: $4,600 to $42,000. Check your lifestyle and habits before applying for life insurance.
Cost: $9,000 to $26,000. Compare a Roth and traditional IRA account before making a decision.
Cost: $6,000 to $17,000. Never cash out a retirement account, unless there is no other choice.
Cost: $36,000. Contribute as much as you can afford.
Cost: $4,000. Choose no-load mutual funds with low expense ratios.
Cost: $100 to you-name-it. Always check out the company or individual you’re thinking of doing business with.
Topics: Personal Finances |