.20 Worst Money Mistakes People Make in the Name of Love

Don't let finances ruin your romance.

By Andrew Lisa August 25, 2020

While it’s true that love might not cost a thing, plenty of romances fall victim to money — or at least to money mistakes. Money and relationships are inseparable, and if you mismanage the former, the latter hardly stands a chance. From secrecy and poor communication to conflicting priorities and plain old bad decisions, some of the best relationship advice helps two people avoid the pitfalls of money mistakes in romance. Find out if you and your partner are making common money mistakes, and discover how these mistakes can hurt your relationship.

Keeping Money a Secret

It’s important to be open about money as it is to be open about even the most intimate aspects of your love life.

.Why I Talk Openly About My Money Mistakes

Talking about money is an enduring taboo. It shouldn't be.

By Nicole Spector February 9, 2021

Americans are very good at spending money, but not so good at talking about it. Sure, people will mention being broke or having just gotten paid. But discussing hard truths about money — like the mistakes we’ve made with spending, or the distinct path we’re on to save more in the years ahead — isn’t normal social conversation.

The subject of money isn’t as forbidden as it was in say, the 1950s, thanks to an escalation of awareness around issues such as pay transparency and the gender wage gap. But it’s still not embraced as a regular part of the conversation. As a March 2020 article in the Atlantic noted, the topic of finances is taboo partly because money (or lack of it) can make us feel bad — and who wants to talk about bad stuff?

To answer that question, financial blog author Peti Morgan wants to talk about money. More specifically, she wants to talk about her money mistakes and the valuable lessons she learned as a result of those mistakes. And Morgan had quite a few money problems not too long ago.

.12 Essential Money Tips for Every Phase of Your Financial Life

By Gabrielle Olya

Get The Secrets Money Experts Want You To Know.

Everyone makes money missteps at some point in their lives, whether it’s splurging on unnecessary items or neglecting to contribute to retirement funds as soon as possible. Even financial pros are not immune to making mistakes. To help you avoid unnecessary pitfalls, check out these tips and tricks that can help you live your best money life — no matter your age.

Start With Saving

More than half of Americans have less than $1,000 in savings, a 2019 GOBankingRates survey found. Although it’s tempting to spend rather than save when you get a paycheck, it’s important to prioritize putting money away into your checking or savings account. On top of that, you should also use the right checking or savings accounts to grow your money.

.10 Simple Habits of Money-Smart Individuals

By Tracie Fobes Last updated: Jan. 20, 2021

Master these successful money habits to boost your wealth.

Mark Cuban. Warren Buffett. Michael Bloomberg. Most people will never be as rich as the world’s wealthiest billionaires, but you can still learn from their smart money habits.

From ditching debt to paying bills on time, fiscally savvy folks have developed good habits and plans that keep them in financial shape. And with a little effort, you too can master their tricks for managing money. If you’re looking to break bad money habits and get on more solid financial footing, follow these fiscal tips from the pros.

.5 Major Money Mistakes To Avoid Once You Turn 60

Laura Woods Mon, February 15, 2021

You’ve been working hard your entire adult life and you’re finally nearing retirement. The prospect of having more time to relax and enjoy yourself is exciting, but you’ll need money to do that. As you wrap up your peak earning years and prepare to step away from the workforce, it’s important to make smart money moves that will protect your nest egg. All it takes is one poor financial choice to throw a wrench in your plans — and financial stability — so take the time to make informed decisions.

When faced with a large amount of cash, it can be tempting to share it with loved ones — i.e., your children — or indulge yourself with luxury items. However, this money needs to last your entire retirement, which could span decades. Here’s a look at common financial blunders you don’t want to make as you get older if you want to avoid a major financial setback.

.7 Millennial Money Struggles — And How To Start Dealing With Them

Serah Louis Sat, February 13, 2021

Americans are carrying about $1.7 trillion in student debt and millennials hold a large portion of that figure. As President Biden touts plans and priomises for student loan forgiveness, millennials wait with bated breath for much-needed relief. Student loans play a huge part, but there are more financial worries that plague millennials. These struggles have been made considerably worse as COVID-19 continues to decimate several industries.

But, whether it’s the student loans or mortgage payments, there are plenty of ways to start getting your financial problems under control while starting to save for the future. Here are seven common millennial money hardships — and what you can do about them.

.The ‘Cash on Hand’ Dilemma: How Much Is Too Much?

Trent Hamm

The idea of having “cash under the mattress” has a lot of appeal to many people. After all, cash is king and having some cash around in a quick pinch can solve a lot of problems.

An older friend of mine used to have a coffee can full of cash that he kept hidden away somewhere in his house. I’m not sure where he kept it, but I saw it produced a time or two and I couldn’t help but notice that it contained a large quantity of cash. He used it to take advantage of opportunities and to take care of things in emergencies.

A professor at the college I attended kept a false bookend in his office. It had a removable bottom and he kept about $1,500 in cash in there in $100 bills – I kid you not. He trusted me enough once to dig into it right in front of me and give me some cash to help me out in a desperate moment, an act that I still appreciate to this day because of the unquestioning generosity behind it. (I was almost completely broke and couldn’t afford the book for his class; I showed up to his first two office hours and he produced a $100 bill for me to buy the class textbook with. That’s just extraordinary generosity.)

.Unfortunate Investing Traits

Feb 4, 2021 by Morgan Housel

Napoleon’s definition of a military genius was “The man who can do the average thing when everyone else around him is losing his mind.”

What he meant, I think, is that most wars are lost rather than won. The final outcome is driven more by one side’s blunder than the other’s brilliance. One screw up can overwhelm a dozen smart decisions that preceded it, so even if strategy is crucial the expert is rarely preoccupied asking, “How can I be great?” The obsession is, “How can I ensure I’m at least average and never a disaster during the most important moments?”

And isn’t investing the same?

Most of this industry is devoted to finding greatness, which is inevitable because it’s what captures attention. But an occasional great decision can quickly become irrelevant unless you consistently avoid the blunders that move the needle even more. It’s not exciting, but we should spend more effort on ensuring we’re capable of doing the average thing all the time before we spend a moment trying to do a great thing some of the time.

.The 3 Most Important Words in Finance

November 22, 2020 by Ben Carlson

There are generally 3 stages of growth for a successful investor:

Stage 1. I know everything (when you’re first starting out)

Stage 2. I know nothing (after you learn a bit about markets)

Stage 3. I know what I don’t know (after you realize how hard markets are)

That last stage is difficult for many people in the world of finance to figure out. Or even if they admit it to themselves it’s difficult to let clients in on the fact that even the masters of the universe don’t know what’s going to happen next when it comes to the markets.

.How One Man Saved $1 Million in 5 Years

Cameron Huddleston Life and Money Columnist

Save $1 million with these tips.

If you’re graduating from college this spring, saving for retirement probably isn’t high on your list of priorities. In fact, GOBankingRates found that saving for retirement isn’t a priority for a large number of Americans. It certainly wasn’t at the top of Grant Sabatier’s to-do list when he graduated from the University of Chicago in 2007.

As a philosophy major entering the job market on the brink of the Great Recession, Sabatier was lucky to find work at a call center for an analytics company. The pay was pretty good, too: $42,000 a year. It was certainly enough to cover living expenses and leave him with some cash to stash in a retirement account. But Sabatier didn’t save a dime.

“I spent it all,” he said. “I had an opportunity to save when I was 22, but I didn’t. I tried to live the life.”

.10 Simple Habits of Money-Smart Individuals

Master these successful money habits to boost your wealth.

By Tracie Fobes January 22, 2021

Mark Cuban. Warren Buffett. Michael Bloomberg. Most people will never be as rich as the world’s wealthiest billionaires, but you can still learn from their smart money habits. From ditching debt to paying bills on time, fiscally savvy folks have developed good habits and plans that keep them in financial shape. And with a little effort, you too can master their tricks for managing money. If you’re looking to break bad money habits and get on more solid financial footing, follow these fiscal tips from the pros.

Have a Written Budget

Many people have a budget — sort of. They know who they have to pay each month and how much. However, they don’t have anything in writing. When you have a written budget, you see exactly where your money is going. Best of all, you can direct your money where you want it to go. Your budget is your roadmap to financial success, so make sure you include every single expense. Don’t forget about that coffee you grab on the way to work or the money you spend on parking every day.