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But we need to look at the other side of the equation, too:losing wealth.
GOBankingRates spoke with financial experts to learn aboutwealth-destroying mistakes people makeevery day, without even knowing it.
Not Monitoring Expenses
Got an iron-clad budget in place?
But are you also meticulously managing and monitoring your daily expenses?
If not, youre likely losing wealth.
The leak may impede attempts to increase wealth.
By keeping too much of your savings in cash, youre losing money in the long run.
But really do your best to pay off as much as you’re able to.
Youre losing a lot of money by making only the minimum monthly payment.
Credit card interest rates can be 20% or even higher, Adams said.
And its also incredibly important to understand the power of compound returns.
Other investors think anything less than 1% wont make much of a difference.
But it can make a huge difference over time.
Heres an illuminating example.
An investor is saving $20,000 per year and is looking at three similar funds, Carey said.
These are very large differences and most people dont even understand how big the impact can be.
If you skimp on this, youll likely lose money in the long run.
Its easy to make rash decisions when youve worked hard for your money and fear losing it.
A third party can act as a sounding board and help talk you off the ledge during volatile times.
However, finding a good advisor requires research, and many require aminimum account size.
If youre just starting, even using a robo-advisor can be better than going it alone.
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