12 money mistakes that could cost you $1,000,000
Consumer Reports puts a price tag on some common financial blunders and explains the best ways to avoid them.
Consumer Reports listed these 12 financial blunders and associated amounts of loss. Click on the link for a fuller explanation.
1. Investing too conservatively during retirement
Cost: $360,000 to $750,000
2. Retiring before you need to
Cost: $237,000 to $309,000
3. Launching a divorce war
Cost: $49,000 to $188,000
4. Underinsuring your home
Cost: $16,000 to $194,000
5. Overpaying for your mortgage
Cost: $27,000
6. Carrying a credit-card balance
Cost: $5,000 to $23,000
7. Maintaining an unhealthy lifestyle
Cost: $4,600 to $42,000
8. Ignoring Roth accounts
Cost: $9,000 to $26,000
9. Cashing out your 401(k)
Cost: $6,000 to $17,000
10. Underfunding your 401(k)
Cost: $36,000
11. Paying needless fund fees
Cost: $4,000
12. Falling for a scam
Cost: $100 to you-name-it
Labels: consumer reports, money saving tip
Posted By: Joe on Tuesday, March 04, 2008
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