Millennials… take advantage of things that can make you rich. How can you do that? By not making these 11 mistakes.
- Not maxing out your 401(K) and Roth IRA. If you have a 401(K) make sure you’re investing the minimum needed for an employer match.
- Failing to use a health savings account. Money grows tax-free and can be used for health insurance premiums and medical expenses.
- Paying for subscriptions out of convenience. If you’re not using the subscription.. you really don’t need it, so cancel it.
- Falling victim to lifestyle inflation. Don’t confuse things you indulged on with things you actually need.
- Paying off student loans too quickly. Don’t focus just on paying off your student loans and not invest in your retirement savings.
- Not saving automatically. Set up an auto contribution of your paycheck into a savings account so you don’t even see it.
- Investing too late in life. The earlier you invest, the more compounding you can get, meaning more money.
- Keeping too much in volatile assets. This includes NFTs, meme stocks, SPACs, and crypto.
- Not diversifying investments. Don’t put all your eggs in one basket.
- Panicking in recessions. Don’t panic sell, it’s actually the time to buy.
- Not staying the course. Don’t make the mistake of watching the stock market fluctuate and sell your stocks, only to buy them again later at a higher price.