Skip Nav
Consumerism
17 Reasons Target Is the Best Store EVER
Self Improvement
44 Quote Tattoos That Will Change Your Life
DIY
Refresh Your Commode With DIY Toilet Fizzies

12 Biggest Money Mistakes

Money Mistakes Worth $1 Million

There are a lot of lists out there telling us what not to do with our money, but the list published in the Consumer Reports February issue was one of the most comprehensive I've seen. Each mistake is identified with an estimated price tag, and the 12 mistakes could cost up to $1 million. Pretty eye-opening when they put it like that.

  1. Investing too conservatively during retirement: $360,000 to $750,000.
  2. Retiring before you need to: $237,000 to $309,000.
  3. Launching a divorce war: $49,000 to $188,000.
  4. Underinsuring your home: $16,000 to $194,000.
  5. Overpaying for your mortgage: $27,000.
  6. Carrying a credit-card balance: $5,000 to $23,000.
  7. Six more, so just

  8. Maintaining an unhealthy lifestyle: $4,600 to $42,000.
  9. Ignoring Roth accounts: $9,000 to $26,000.
  10. Cashing out your 401(k) early: $6,000 to $17,000.
  11. Underfunding your 401(k): $36,000.
  12. Paying needless fund fees: $4,000.
  13. Falling for a scam: $100 to you-name-it.

Source

Around The Web
Join The Conversation
nola45 nola45 8 years
So many people cash out their 401(k)'s when they leave a job (10% tax penalty), and don't roll them over to an IRA or the next 401(k) plan at a new job (or just leave them until they are ready to take action). That's a terrible mistake!And carrying a credit card balance is soooo stupid. Even if you need the money, there are other ways to get it without the crazy rates that cards carry.
nola45 nola45 8 years
So many people cash out their 401(k)'s when they leave a job (10% tax penalty), and don't roll them over to an IRA or the next 401(k) plan at a new job (or just leave them until they are ready to take action). That's a terrible mistake! And carrying a credit card balance is soooo stupid. Even if you need the money, there are other ways to get it without the crazy rates that cards carry.
chancleta chancleta 8 years
woweye opening
chancleta chancleta 8 years
wow eye opening
phoebegrace phoebegrace 8 years
lol Remedios. Very true on all of those.
JaimeLeah526 JaimeLeah526 8 years
Late fees is another big one in my opinion.
Lovely_1 Lovely_1 8 years
Hahaha they are all true though! Some people loose SO much money and aren't even aware of it.
remedios remedios 8 years
Aw man, you can't get to see the details of the rest of the list without subscribing. Perhaps this is an example of number 12?
How to Save Money at CVS
How Much Do Disney Single-Day Tickets Cost?
Things to Do Instead of Spending Money
Best Websites to Save You Money
Things to Get at the Dollar Store
How Different People Spend $100 Video
Common Tax Mistakes

POPSUGAR, the #1 independent media and technology company for women. Where more than 75 million women go for original, inspirational content that feeds their passions and interests.

From Our Partners
Latest Career & Money
X