The 50 Biggest Money Mistakes Household CEOs Make

By Len Penzo

As this penny illustrates, even the United States Mint occasionally makes money mistakes.

I’m not ashamed to admit I make mistakes. After all, everybody screws up occasionally; for us humans, mistakes come with the territory.

For example, I remember the time I decided it would be great fun to play Wii golf for eight consecutive hours. Unfortunately for me, my middle-aged left shoulder vehemently disagreed — after the fact, of course — and so I spent the next week popping acetaminophen tablets like they were M&Ms. I know.

It can be even more costly when we make mistakes managing our personal finances; I know I still make them from time to time.

Here are 50 of the biggest financial faux pas household CEOs make. How many of these apply to you?

1. Being impatient. People of modest means should understand two important facts: 1) we cant have it all at once; and 2) saving money takes time — sometimes lots of it.

2. Failing to read contracts before signing on the dotted line.

3. Using payday loans to cover temporary financial shortfalls.

4. Giving your kids everything they desire. It’s hard to get a feel for the value of a dollar when you grow up never wanting for anything.

5. Signing your tax returns without reviewing them — even when they’re done by a tax professional.

6. Buying a new car and selling it after only a few years. Buying new cars is costly because they can lose upwards of half their value by the time they are three years old.

7. Not doing your research before purchasing extended warranties.

8. Going into debt to purchase things that will decrease in value.

9. Maintaining memberships with monthly payments even though you no longer take advantage of them.

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