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04 Aug 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 and a minimal funds for those without. The earlier you start saving for retirement will mean the more that you will have available when you do retire. A twenty year old who puts aside $25 a week for retirement will have nearly $1.2 million at age 65. Yet a 50 year old who just starts putting aside $250 a week for retirement will have only $450,000.00 at age 65. Which would rather be at 65 years old? Save early and save often.
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03 Aug 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 twenty years. Some experts (and talk radio hosts) suggest that you start with a small emergency fund of $1,000.00. This sum may not be easy to save, but it is a start. By no means should this be the end of your savings.
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02 Aug 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 after you've made your purchase. See Credit Card Issuers come under fire. They want you to stay in debt and making that minimum payments each month. Despite whast they say, you can have too much debt. To calculate your debt to income ratio, check out the Wall Street Journals spreadsheet. The secret to success is to pay off your credit cards in full each month. Never charge more than you can pay in cash when the bill comes in.
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