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GOBankingRates consulted with financial experts to determine thefourworst mistakes millennials can make with money and how to avoid them.
Failing to prioritize your long-term goals and living paycheck-to-paycheck often restricts financial growth, Stroup said.
Most of the average debt load ($312,014) was for mortgage payments.
Kovar said millennials should also consider insurance, utilities, maintenance and property taxes when they buy a home.
Managing these competing costs could impair or delay saving for retirement.
There is a huge difference between starting savings at age 25 vs. 35, Carey explained.
Carey said delaying retirement savings could cost millennials thousands due to compound interest.
Much of this is driven by the psychological fear of missing out, DeCrow explained further.
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