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5 Common Money Mistakes
That will come back to haunt you,
No. 5 could be costing you $1,000s.
// Thread //
That will come back to haunt you,
No. 5 could be costing you $1,000s.
// Thread //
1. FOMO & YOLO
Definitions:
- Fear of missing out
- You only live once
These lifestyles typically don’t agree with:
- Aggressively saving
- Working hard
- Hustling
Don’t fall for YOLO and FOMO,
Focus on saving and investing.
Definitions:
- Fear of missing out
- You only live once
These lifestyles typically don’t agree with:
- Aggressively saving
- Working hard
- Hustling
Don’t fall for YOLO and FOMO,
Focus on saving and investing.
2. Stuffing your Money in a Savings Account
Current savings rates are at an all-time low
So, why not invest the money instead?
Why some may avoid investing:
- Fear of losing money
- Increased risk
Your best bet?
Follow the MMW's investing strategy
https://themillennialmoneywoman.com/dollar-cost-averaging/
Current savings rates are at an all-time low
So, why not invest the money instead?
Why some may avoid investing:
- Fear of losing money
- Increased risk
Your best bet?
Follow the MMW's investing strategy
https://themillennialmoneywoman.com/dollar-cost-averaging/
3. Credit Card Debt
Credit card debt can destroy lives.
Why?
- High-interest rates
- Lowers your credit score
- Takes years to pay off, if paying minimums
Try not to accumulate credit card debt.
Credit card debt can destroy lives.
Why?
- High-interest rates
- Lowers your credit score
- Takes years to pay off, if paying minimums
Try not to accumulate credit card debt.
4. Not Taking Advantage of Employer Matches
In employer-sponsored retirement accounts such as:
- 401(k)
- 403(b)
Employees can contribute a portion of their paychecks.
Employers also often match 100% of the employee's contribution typically up to:
- 4% of salary.
In employer-sponsored retirement accounts such as:
- 401(k)
- 403(b)
Employees can contribute a portion of their paychecks.
Employers also often match 100% of the employee's contribution typically up to:
- 4% of salary.
5. Timing the Market
Market timing involves 2 nearly impossible decisions:
- When to sell
- When to buy
We don't have a crystal ball.
Timing the market can cause:
- Stress
- Anxiety
- Loss of money
If you want to succeed in the long run,
Avoid trying to time the market.
Market timing involves 2 nearly impossible decisions:
- When to sell
- When to buy
We don't have a crystal ball.
Timing the market can cause:
- Stress
- Anxiety
- Loss of money
If you want to succeed in the long run,
Avoid trying to time the market.
It’s easy to fall into the traps of:
- Timing the market
- YOLO/FOMO mindset
- Carrying credit card balances
- Completely avoiding the stock maret
- Missing out on "free" money from employers
Avoid the consumer mindset.
Level up NOW - follow the MMW https://themillennialmoneywoman.com/
- Timing the market
- YOLO/FOMO mindset
- Carrying credit card balances
- Completely avoiding the stock maret
- Missing out on "free" money from employers
Avoid the consumer mindset.
Level up NOW - follow the MMW
https://themillennialmoneywoman.com/
