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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:

  1. Have a positive money mindset
  2. Protect yourself
  3. Have Goals tied to values
  4. Use cash flow and debt smartly
  5. Know how much is enough for retirement
  6. Invest wisely
  7. 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.