Article Bookmarked
Bookmark Removed

These bad money habits are keeping you from getting rich


Oct. 1, 2015 CNN Money

“The easiest way to becoming a millionaire for most people besides discipline is automation, priorities and goal setting,” said Cary Carbonaro, a certified financial planner and managing director at United Capital.

Here are financial habits that money experts said can hurt your long-term savings:

Saving only what’s left over 

If your savings plan is socking away whatever money is left over at the end of the month, it’s time to prioritize your budget.

“When you get your paycheck, have a certain amount that goes into a savings or investing account … you never see it,” said Ted Peters, CEO of Bluestone Financial Institutions Fund.

When creating a budget, Peters recommends starting with your savings target. “Set your savings percent for around 7-10% … and then work out the rest and determine your priorities”

Setting and forgetting

Your savings rate should increase throughout your career.

When you get a pay raise, your savings rate should also get bumped up, advised Neil Krishnaswamy, a certified financial planner at Exencial Wealth Advisors in Texas.

Not reviewing your retirement accounts can also be costly. Carbonaro suggested evaluating your plan at least once a year to make sure you’re well balanced.

Read More on CNN Money

Gene Upshaw Player Assistance Trust Fund

Apply Today

All Resources

Tell Me More

Can Creditors Freeze My Bank Account?

Yes, they can. But don't panic, there are steps you can take.

Read More

How to Prepare for the End of COVID Student Loan Forbearance

Do you have a plan when it ends this Spring?

Read More

Yearning to travel in 2022?

First, figure out your budget – then pick a destination

Read More

Understanding Credit Card Interest Rates

All you need to know about APRs.

Read More

Giving Up? Challenging the Desire to Mentally Check Out

The mechanics behind persistent stress and how we can modify the moment.

Read More

9 Signs Your Partner Needs Help Staying Focused

A new test suggests nine ways to give your partner new mindfulness skills.

Read More

How Entrepreneurship Can Revitalize Local Communities

Being an entrepreneur will impact more than just you and your family.

Read More

Vitamin D supplements

Impact on heart health and cancer risk

Read More