What are the Most Common Financial Mistakes People Make?

Jump to Last Post 1-13 of 13 discussions (13 posts)
  1. Shil1978 profile image90
    Shil1978posted 6 years ago

    What are the Most Common Financial Mistakes People Make?

  2. JSParker profile image85
    JSParkerposted 6 years ago

    Not saving for retirement!  If people would just sock away 5 or 10% of their take- home pay before spending on anything else, they would never feel the loss and they would be set for retirement.  Instead, most people spend everything they get.

  3. SD Dickens profile image83
    SD Dickensposted 6 years ago

    When someone continually spends all of the money they make (or more), they're making a big financial mistake.  No matter how much a person earns, he/she should try to live below their means in order to save money and build wealth.

  4. tcummuta profile image61
    tcummutaposted 6 years ago

    The biggest mistake I see boomers make is unrealistic retirement assumptions. Whether it is how much they will need at retirement or how much they think they will have, or both, most boomers are in for a serious wake-up call when retirement comes.

    The other overall other mistake I see most people i encounter is carrying too much debt. Most people, including financial professionals, think carrying a certain level of debt is the American way. The reality is that debt steals from your future to pay for the now.

  5. cheaptoys profile image60
    cheaptoysposted 6 years ago

    thinking that it is the amount of money that is being made that matters when what is more important is the amount of money being saved

  6. ZIa Ahmed khan profile image26
    ZIa Ahmed khanposted 6 years ago

    The most common mistake is putting all money in one basket. The portfolio is really concentrated in just few options. This needs to diversified enough so that shocks can be absorbed. The second mistake is everybody wants to be rich very quick but such products are gimmicks and nothing more.
    Every body must hold real physical assets, i.e. real estate, precious metals and other things.
    The Other side of mistake is borrowing, borrowing more than the repayment capacity or spending more than present income stream expecting future wind falls. In financial market there is only today, and one must learn to live in the means what he has today.
    Living safe and within the available means is best. When one has more he can always thinks of more but please don't spend today based on future expected income.

  7. Unlicensed Guide profile image61
    Unlicensed Guideposted 6 years ago

    Thinking that they can't learn the basics of money management.  Money management, investing, trading and saving for retirement can be very deep topics, yes .... but the basic skills and disciplines needed to take control of one's financial future are within reach of anyone that is willing to put in a little time to learn.

    The best part about this is that once there is a commitment to learn, it has a broad impact across many different financial topics and disciplines

  8. dburkeaz profile image88
    dburkeazposted 6 years ago

    Budgeting your money.  If you don't tell your money what to do you will always wonder what happend to it when it's gone.

  9. MobyWho profile image60
    MobyWhoposted 6 years ago

    Not living within your means: inflation is a fact, so keeping within current bounds gives you an edge up when you start avoiding certain aisles in the grocery store, like meat, fish, cheese because of the prices. Don't count on "future bounty": that aunt you thought would leave you a bundle might just run off with a scoundrel. And - save more for retirement than you think you'll need (inflation). Consider Long Term Care Insurance - but read the fine print! I know!

  10. Csjun89 profile image65
    Csjun89posted 6 years ago

    One of the biggest mistake I have seen is that people are misled to think that the stock market is the only form of investment.

    There are really an entire array of options out there, like investing in the social enterprises in your community that are also much more meaningful or trying out mini leasing projects like gumball machines or small vending machines. Purchasing a house to rent out would be one such possibility.

    In the stock market, the diversification that brokers sell merely spreads your hard earned money out over the stock market. Instead real diversification is about spreading across asset classes, from commodities to money metals to real estate or other real assets, should you choose to do so.

  11. Express10 profile image86
    Express10posted 6 years ago

    Not educating themselves on investments, having clear financial goals, and not saving enough for retirement and emergency funds.

  12. ikechiawazie profile image60
    ikechiawazieposted 6 years ago

    I believe the most common financial mistake people make is not getting a financial education at all.

  13. castoriehandley93 profile image59
    castoriehandley93posted 4 years ago

    Most probably delaying the things they have to buy. For example, delaying a life or health insurance is as bad as delaying a car or long-term care insurance. As quoted from this site (http://www.acsia.com/4-mistakes-to-avoi … urance.php), "Procrastinating is probably the worst mistake that anyone can make when it comes to buying long term care insurance. Remember that your insurability and premiums are highly dependent on your age and health. When you wait until you’re older before you buy, you’ll either need to pay for a higher price tag or worse, get turned down. Furthermore, insurers usually give discounts to healthy applicants. If you choose to buy at a later age, you could miss out on the savings."


This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

Show Details
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)