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Yourmoneyis either working for you or against you.
If you make dumb financial moves, youre going to regret it.
The worst part is that most people dont even realize theyre making these mistakes until its too late.
Here are the stupidestmoney mistakes you want to avoidthis year.
Thats a huge mistake!
Thats how people turn temporary downturns into real losses, said Joseph Camberato, CEO atNational Business Capital.
With a new administration, the market might react negatively in the short term, and thats perfectly normal.
But dont venture to time the market.
Stick with the S&P 500 and quality stocks.
However, every year you delay saving for retirement, you lose out on the magic of compound interest.
Saving early and consistently is of utmost importance due to the power of compounding.
Theres a huge difference between starting savings at age 25 versus age 35.
Delaying saving by 10 years cost this person over $1.5 million.
That is the power of compounding at work.
The crypto market has never been a good place to invest.
At times it has been a profitable place for some to speculate.
My belief is, Just Say No!
One cannot invest in the wide array of cryptocurrencies.
One can only speculate.
Investing in Bitcoin and other cryptocurrencies is pure, unadulterated speculation.
I put investing in quotes because this is not investing; its speculating.
Holding Too Much Cash
Having money is good, but holdingtoo much cashis dumb with inflation.
Having an emergency fund and cash available to pay bigger bills throughout the year is necessary.
However, at some point, it becomes too much.
After that, 100% of your money should be invested.
Yeah, 4 to 5% sounds nice compared to what we had before.
Incurring Unnecessary Debt
Debt is a wealth killer.
Incurring unnecessary debt is way riskier.
Theres a lot of uncertainty about how the economy will look in the next six to 12 months.
Keep any debt purchases to a minimum.
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