.Why You Shouldn’t Keep Your Cash Under the Mattress

Valencia Higuera Mon, July 25, 2022

If you don't know much about money, you don't have to look far for advice. You can always learn from personal finance articles, books and videos or money-savvy friends and family.

Although there's no short supply of guidance, money rules can shift over time. For that matter, some old-school advice should be taken with a grain of salt.

Pay Off Your Mortgage Early

Most people need a mortgage to purchase a home. However, financing a house entails paying thousands of dollars in interest. To reduce interest charges, some borrowers come up with a plan to pay off their mortgages early by making extra payments.

.11 Social Security Mistakes That Can Cost You a Fortune

GOBankingRates Gabrielle Olya Thu, July 21, 2022

Whether you're counting on Social Security to fund most of your retirement income or supplement it, you want to make sure you get all of the money you're entitled to. However, with so many ways to claim benefits -- especially if you're married or used to be married -- small mistakes could end up costing you a lot of money over the rest of your life. By knowing which Social Security mistakes to avoid, your retirement will be easier to handle -- even if you aim to retire early.

The Mistake: Not Checking Your Earnings Record

Even if you're decades away from claiming Social Security, you could be making a big mistake if you don't keep track of your yearly earnings.

.Money Stress Is Linked to Poor Financial Wellness, Advisors Can Help

Wola Odeniran Fri, July 22, 2022

New research from T. Rowe Price shows that your level of financial stress can connect with your financial wellness. In fact, retirement plan participants who report stress related to debt are saving less for retirement than those who are not stressed. Let's take a look at how money stress can be a sign of poor financial wellness.

A financial advisor could help you create a financial plan to get on a stress-free path to managing your money.

Retirement Plan Participants Are Stressed About Money

.Inflation Money Tips: Top Advice for Saving and Spending

GOBankingRates Andrew Lisa Thu, July 21, 2022

The bad news for anyone whose budget is struggling to keep up with rising prices is that inflation is not yet starting to cool. While things appeared to be moving in the right direction in April, May inflation spiked again and got worse in June.

"Inflation is over 9% right now so everything is more expensive," said personal finance expert and "Crawl Before You Ball" author Buffie Purselle. "Food, gas, water — everything you need to live. The reality is that there is very little room in anyone's budget for wants right now."

.11 Ways Warren Buffett Lives Frugally

GOBankingRates By Amanda Garcia Wed, July 20, 2022

Trying to build your savings, pay off debt and make the most of your money? You might want to try living like a billionaire — but only if that billionaire is Warren Buffett. The investor — known as the Oracle of Omaha — is the CEO of Berkshire Hathaway. But there's more to this American business magnate than just his job.

Despite his roughly $125.1 billion net worth, according to Forbes, the eight-wealthiest man in the world enjoys a life of simple taste, frugal living and generous philanthropy. Here's a look at Warren Buffett's tips for living frugally.

.Capital Gains Tax 101: Basic Rules Investors and Others Need to Know

Orla O'Connor, Principal, Tax Mon, July 18, 2022

Billionaire business owner Warren Buffett once famously commented that his secretary paid taxes at a higher rate than he did. Although there are surely many factors at play – among them Buffett's intentionally low salary and his large charitable donations – a big part of the story is that Buffett earns a relatively large share of his income from capital gains.

Income in the form of capital gains has historically been taxed at substantially lower rates than ordinary income like wages, tips, unemployment compensation, gambling winnings, and the like. That's because capital investments are generally viewed by policymakers as engines of growth that stimulate the economy.

.Take These 6 Key Steps Today to Retire a Millionaire

Looking to retire comfortably? Take these steps now.

ADAM MCFADDEN | May 1, 2022 | Updated July 6, 2022

GOBankingRates maintains editorial independence. While we may receive compensation from actions taken after clicking on links within our content, no content has been supplied by any advertiser prior to publication.

Retiring as a millionaire is the dream of many Americans, and while a million dollars isn’t what it used to be, that level of wealth would make retired life comfortable for many. The good news for you is that this goal is achievable, especially if you have plenty of time before retirement.

Retiring a millionaire is simple, but not easy. The key? Act right now.

.15 Mistakes That Deplete Your Wealth

Cynthia Measom Fri, July 15, 2022

Proper planning is crucial when it comes to your finances -- not only for the decisions that can affect your wealth now but also for those that will influence your bottom line long term. But knowing how to make the best financial decisions isn't innate. And if you don't fully understand how to manage your finances, you're likely to make mistakes that can take your net worth from well-cushioned to barely getting by -- or force yourself to stay stuck in a constant financial struggle.

The good news is that the longer you have until your target retirement date, the easier it will be to recover from financial blunders, but what if you could avoid money pitfalls altogether? Take a look at these 15 mistakes that deplete your wealth so you can sidestep them and achieve personal financial freedom.