Money is often the friend of those that manage it well and the foe of those that do not. If you are ever going to make your money grow and work for you, it would be important to be aware of money mistakes.
Here are a few of the more common money mistakes that people make while in their 20s and 30s:
Not Having Insurance
Insurance is often seen as a nice accessory but not really something that’s relevant until you’re way older. However, by the time when “older” hits, it’ll be quite difficult. Insurance—whether for health or something else—is more than just something to help you tide through sudden loss of job or loved one. It helps protect you from suddenly being surrounded by debt, too.
Insurance is actually best to get while you’re still young. The monthly fees are low and time is on your side. The younger you start, the bigger your payouts will be in the future. This is something that people should consider about insurance.
Not Having a Retirement Plan
It is never a comfortable subject to think of retiring when you are still young in your 20s and 30s. However, the economy is no longer as friendly for those that do not have retirement plans. While you are still in your prime and are able to pull in income that is more than enough for your needs and wants, it would be smart if you set up a small but regular retirement fund.
Retirement plans helps spare your offspring or other relatives from having to support you when you are no longer able to do it for yourself. Think of it this way, if you have literally no family to support you, how will you survive when most companies don’t hire people in the fifties?
These two are the biggest money mistakes that people tend to make—at least, the ones we’ve seen with our own eyes. What money mistakes do you think people make in their 20s and 30s?
Trading on the Wrong Forex Trading Platform
Trading on the wrong Forex trading platform for their trading style. Every single Forex broker has a unique offering so it is only natural that there are a lot of different FX trading platforms available. Trading on the wrong platform can be a costly mistake for traders so it is important to make sure you select the right one.