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Below are some of theworst mistakesand how to avoid them.
Crypto has had an impressive run.
It could grow rapidly, or it could fizzle.
She noted that boomers retirement finances dont have time to bounce back from a major loss.
Instead of putting everything into crypto, she advised investing in a diversified portfolio favoring low-risk options.
Racking Up Credit Card Debt
Another financial pitfall is racking up credit card debt.
Credit card debt is expensive.
Interest rates are ridiculously high.
She recommended avoidingcredit card debtby only using credit cards to buy things you have the money to buy.
Make a budget and stick to it.
This can lead to panic-selling during market downturns and missing out on subsequent rebounds, said Willis.
He said regular portfolio reviews and working with a financial advisor can helpalign investment strategieswith risk tolerance.
He said large withdrawals can trigger high tax bills, Medicare penalties andSocial Security taxation.
He added that investing in assets that outpace inflation, such as stocks or inflation-protected securities, can help.
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