Dad’s Dollar Diary #8: Biggest Money Mistakes We Make, By Decades

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Dear Diary,

I listen to my flash briefing on my Amazon Echo every morning while I’m getting breakfast ready. This podcast came on with a teaser about how 40-somethings are mishandling their mortgages. I’m in the middle of refinancing mine, so my ears immediately perked up. Anyways, this is a must listen.

Podcast:

The Wall Street Journals Your Money Matters
Biggest Money Mistakes We Make, By Decades
10/25/2016 12:15AM
The biggest financial mistakes you make depend on whether you’re a 20-something, 40-something or 60-plus. The Wall Street Journal’s Charlie Wells says our mistakes change through the decades because our relationship with money changes as we get older.

Key highlights:

20-somethings: Play it a little too safe. They are picking retirement portfolios that are too conservative and that won’t generate higher returns.

30-somethings: Starting families and getting overwhelmed with personal finances. They spend more (based on a higher lifestyle that they were used to while they were living with their parents) and don’t save enough.

40-somethings: Mishandling their mortgages by having too much house than they need.

50-somethings: Realize that they may not have enough to retire so they make riskier investments than they should in order to make up for the shortfall.

60-somethings: Waiting too late to find a trusted family member or advisor to delegate financial decisions.

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