Surprisingly Common (and costly!) Financial Mistakes

What are the most common mistakes people make?

1. Living beyond your means--spending more than you make

2. Carrying a credit card balance month to month

3. Buying a house you can't afford

4. Leasing a car they can't afford to buy vs. buying a car they can afford

5. Buying a new car every 2-3 years rather than keeping for at least 6 years

6. Taking out a car loan for more than 4 years

7. Not contributing at least to their company's match in their 401k plan

8. Not investing the funds within their 401k plan

9. Not investing the funds within their HSA plan

10. Having a lack of diversification in their retirement and investment accounts

11. Taking a loan from their 401k plan

12. Setting up a revocable trust then not funding it

13. Taking out a home equity loan or line of credit and not using it to raise the value of their house

14. Taking out an interest-only loan or HELOC