I thought that the internet would help uncomplicate my life. Unfortunately, it hasn’t. When it comes to our personal finances, the glut of ignorant, profit-driven, well-meaning and even good advice on social media and other sites is overwhelming. So, it makes sense that several people make financial moves that hurt their bottom line. Here are some moves you’ll want to avoid.

Managing debt is like an amateur is a huge fail. If you don’t have an orderly, accountable plan in place to pay down consumer debt, you have set yourself up maintain and even grow your bad debt.

Not focusing on emergency savings can drive you further into some of the most expensive debt – consumer debt. That would be from short-term high-interest lenders or credit cards. Do what you can now to squirrel away something for the inevitable, unplanned expense.

Beneficiary mis-designation: if you leave this earth unexpectedly… have you checked that your assets will go to the right people? You may have an old 401k with  your ex-husband as primary beneficiary. Or if a child tragically dies before you- have you designated what will happen to their share of your estate? Work with your Certified Financial Planner pro to make sure you understand the chain of beneficiaries. You may want that share to be spread among surviving siblings, or to that person’s kids.  

Bad retirement plan asset allocation: as you close in on retirement – your investments may need to shift from growth mode to income. If  you’re still shooting for the stars with an aggressive investment strategy, it may be too late to recover if the markets are hit hard. Work to create an allocation that takes on only as much risk as necessary to maintain.

Mis managing taxes: we’re all subject to taxation. But, with planning, you can work to mitigate the tax burden. Plan, plan… then plan again.

Questions?