Major Money Mistakes By Decade
A recent Wall Street Journal article summarized what the writer sees as the major money mistakes by decades. For example, the writer states that:
- People in their 20’s invest too conservatively,
- Those in their 30’s live too large,
- People in their 40’s have big expenses for which they don’t plan,
- In their 50’s people play catch up too late, and
- In their 60’s people don’t look for help enough.
It’s an interesting idea for an article, but for us it comes down to following the seven SmartMoney™ Rules in every decade of life:
- Have a positive money mindset
- Protect yourself
- Have Goals tied to values
- Use cash flow and debt smartly
- Know how much is enough for retirement
- Invest wisely
- Review and adjust regularly
The tactics may be different in each decade, but if you follow these seven simple rules at any age, you’ll be fine.