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Top Ten Personal Finance Mistakes - Part 9 »

Diversify your investments for the future. Financial advisors will always tell you not to put your eggs in one basket. One only need to look at 1929 to see the effect of investing too heavily in the stock market had on investors. This pattern is repeated throughout history.
Currently we are seeing a [...]

Top Ten Personal Finance Mistakes - Part 8 »

You can have too much life insurance, but it is also a mistake to not have enough. There is a fine balance to the amount of life insurance you need.
How do you know when enough is enough? It is simple to figure out what it costs to bury someone, but that is not [...]

Sub-Prime Mortgage Crisis Continues - Another Brick in the Wall, Part ??? »

American Home Mortgage Corp. of New York filed for Chapter 11 Bankruptcy relief in Delaware today deepening the housing market depression. The Wall Street Journal has amassed a list of the collapsed companies who have either filed for bankruptcy, gone out of business or have been acquired by other companies. In [...]

Top Ten Personal Finance Mistakes - Part 7 »

Your employer provides access to a retirement plan and has life insurance as part of a benefits package, but you don’t take advantage of it. What? Yes, it costs money an it will reduce your take-home pay, but consider the advantages: cheap term life insurance will pay death benefits to your dependents [...]

Top Ten Personal Finance Mistakes - Part 6 »

Start saving now for your long-term financial goals. This means setting up now for retirement. There is every suspicion that social security will not be there when you retire. In fact, social security was never meant to be a substitute for a retirement fund, it was meant as a supplement [...]

Top Ten Personal Finance Mistakes - Part 5 »

The biggest mistake anyone can make is failing to have an emergency fund. When you don’t have even the smallest amount put aside for an emergency, any unplanned expense can start the ball rolling to financial ruin. Whip out the plastic and pay for the failure to save for the next ten to [...]

Top Ten Personal Finance Mistakes - Part 4 »

Do not pay only the minimum payments on your credit card each month. When you pay only the minimum, the credit card companies maximize the amount of interest they earn on your debt.
Credit card companies make a tremendous amount of money each month on the minimum payments. They can change the price you pay [...]

Top Ten Personal Finance Mistakes - Part 3 »

Hooked on credit cards? Most people calculate their minimum monthly payments when deciding to make a new purchase and fail to take into account the accumulating interest on those accounts. The time to pay off a $5,000 balance at the minimum payment amount on a credit card can take over 20 years!
Credit card [...]

Top Ten Personal Finance Mistakes - Part 2 »

The second most common mistake is not changing your lifestyle to match your finances. Once you have set your personal financial goals, now you have to figure out what changes to make to your lifestyle to achieve those goals. Does this mean a change in jobs or careers? Or does it mean [...]

Top Ten Personal Finance Mistakes - Part 1 »

Rule #1, Have a personal financial goal and a plan to achieve it. The pressures of bills and getting the income to pay them typically cause you to lose sight of your personal financial goals.
The second thing I ask a new client is, “If I could wave a magic wand to make it happen, [...]