10 Dumb Mistakes Nearly Everyone Over 40 Makes

As we get older, we tend to think we’re invincible. We’ve made it this far, so what could possibly go wrong?

The fact is that no one’s perfect. Even the most successful people make dumb mistakes from time to time. No matter how much planning you do, there’s a good chance you’ll make some costly blunders over your lifetime.

Here are some of the most common mistakes people over 40 make and how to avoid them.

1. They don’t diversify their wealth

Putting all your money in one place – stocks, bonds, crypto, whatever – is a recipe for losing wealth, not building it. Diversification is key to financial security. Here’s an easy way to start: Buy gold and/or other precious metals from Goldco.

Goldco offers just about everything, from precious metal IRAs to direct purchases of precious metal coins and bars.

Goldco has been around for more than a decade and has been recommended by celebrities like actor Chuck Norris and even former presidential candidate Ron Paul.

They have an A+ BBB Rating, AAA Rating from Business Consumers Alliance and 4.8 to 5 stars on Trustpilot, Trustlink, Google Reviews and Consumer Affairs.

You’ll even receive up to $10,000 in free silver on qualified purchases.

Maybe gold is right for you; maybe it isn’t. But if you’ve ever wondered, why not take a quick look? Click here right now and get your free information kit.

2. They don’t get a second set of eyes

Obviously, you’re no fool when it comes to making money. If you were, you wouldn’t be reading this.

But there comes a time in life when it makes sense to get a second opinion. Sure, you’ve been successful at growing and managing your savings. But the more you have, the more attention your savings require and the greater the ramifications of screwing up.

A study by Vanguard found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a professional. In other words, an adviser-managed portfolio would average 8% annualized growth over a 25-year period, compared to 5% from a self-managed portfolio.

Obviously, there are no guarantees a professional will do better than you. But getting a second opinion from a pro certainly can’t hurt. Even if you don’t need help picking investments, they can help you create a plan, maximize your Social Security, protect your assets and offer you peace of mind by ensuring you’re on the right track.

These days, there are no-cost online services that make it easier than ever to find qualified financial advisers in your area. For example, SmartAsset. You fill out a short questionnaire and are instantly matched with up to three local fiduciary financial advisers, all legally bound to work in your best interests.

The process only takes a few minutes, and in many cases, you’ll be offered a free consultation.

Nothing to lose, lots to potentially gain: Take a minute and check it out right now.

3. They let home repairs drain their savings

Home repairs aren’t cheap. Whether it’s a leaky roof or a broken appliance, your home can quickly become a nightmare and cost you hundreds or even thousands of dollars to fix.

But you don’t have to worry. Luckily, with a company called America's 1st Choice Home Club, you can safeguard yourself against giant repair bills. From home appliances to electrical, plumbing, heating and cooling systems, it can all be protected.

Plus, their in-house service team is available 24/7 to help and ensure a hassle-free repair process if anything goes wrong. You can even choose your own technician, or they can send you one from their nationwide network if you don’t have someone in mind.

All over America, homeowners are choosing AFC Home Club for the savings, service and peace of mind that it delivers.

Stop worrying about household breakdowns, and get a free quote in 30 seconds.

4. They lose $700 a year on car insurance

Auto insurance is a must. You know what isn’t a must? Paying too much for coverage.

People who switch to Progressive for their auto insurance can save up to $700 – not just initially, but every year. Imagine what you could do with an extra $700 in your budget.

Emergency fund? Extra payment against your mortgage? Retirement planning? It’s your call. Point is, those are dollars that are now working for you instead of for someone else.

Incidentally, a cheaper premium doesn’t mean you’re cheaping out on protection. Progressive is known for its strong coverage. Request your free quote now and see how much you can save this year, and every year.

And don’t stop there. You could also be paying too much to insure your home and pets. Take another minute or two and click here for a free quote on home insurance, then click here for a free quote on pet insurance.

5. They let medical costs empty their nest egg

Here’s hoping that your retirement years are active, healthy and vibrant and that you’re able to function as you always have, right up to the time you shuffle off this mortal coil.

But don’t bet on it. According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.

Think you can’t get long-term care (LTC) insurance after age 40? Think again. GoldenCare writes LTC coverage for most people. (Unless they live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)

“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying for it out of pocket could take a huge chunk of your retirement savings. That plus inflation could mean near or total depletion of your nest egg.

Without LTC insurance, your options aren’t great: running through savings, borrowing money, burdening your family with your care, and possibly losing independence because you can’t live on your own.

It’s impossible to say whether your current health will stay good. That’s why investigating long-term care insurance is so important: It protects you and your family.

Plan today for a secure tomorrow. Get your fast, free quote now.

6. They don’t generate wealth with real estate

Real estate has long been a path to wealth. But you need to be wealthy to get started, right?

Wrong. For as little as $10, Fundrise can get you started on that path to potential riches. In the way that stockholders buy pieces of a company, Fundrise lets you buy into real estate properties.

On average, Fundrise investors earned a 25% increase within three years; if they held on for five years, that increase was more than 50%. In effect, you’re a landlord without having to do things like run background checks or serve eviction notices.

People are always going to need a place to live – and recent rent jumps make real estate investing much more profitable. Apartment prices went up almost 18% in 2021, according to data from Harvard’s Joint Center for Housing Studies.

Take two minutes, sign up with Fundrise, and watch your money grow.

Note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on moneytalksnews.com. All opinions are our own.

7. They don’t get help with debt

It’s tough to build wealth when you’re overwhelmed by debt. Here’s a not-so-fun fact: The Federal Reserve Bank of New York reported an increase in the total amount of debt in the American household, rising by $312 billion to $16.15 trillion in the second quarter of 2022.

If you’re buried in debt, Freedom Financial Network can help you dig your way out. Two common solutions are debt consolidation and debt relief.

With consolidation, Freedom Financial combines what you owe into a single, fixed-rate loan. If your situation calls for debt relief, Freedom Financial will negotiate with your creditors to reduce what you owe. No matter which option you choose, you’ll get a thorough financial assessment and a personalized plan. You’ll pay less interest overall and be able to get back on track financially.

Debt happens, but it can be defeated. Get your free, no-obligation consultation now.

8. They waste thousands on auto repairs

As a nation, we’re hanging on to our cars a lot longer: The average U.S. vehicle is now 12.1 years old. Trouble is, most of the big-ticket auto repairs happen long after the warranty has expired.

Don’t pay thousands out-of-pocket. Protect your investment with CarChex.

A CarChex vehicle protection plan will work at any licensed repair facility in the United States, from independent shops to dealers.

The shop diagnoses your car, gets approval from CarChex, does the repair, and then gets paid directly from the company. CarChex can save you hundreds – even thousands of dollars in covered repairs.

You can choose from among five different plans. Their plans can last up to 250,000 miles on cars up to 20 years old. Plus, all plans include benefits like 24/7 roadside assistance, towing, rental cars, gas delivery, and more.

CarChex is the real deal. They have an A+ Rating by the Better Business Bureau and are recommended by companies like Carfax, Kelley Blue Book and CarBuyingTips.com.

Protect yourself from costly auto repairs. Get your fast, free quote today.

9. They earn nothing at the bank

Current national average APY is 0.23% interest on savings accounts. That’s just sad!

Move your money to Discover Bank, though, and you’ll earn 3.5%, one of the highest rates in the country. That’s 15 times more interest, with no additional risk.

Plus, there’s no monthly minimum balance, no monthly maintenance fees, and Discover banking services are provided by an FDIC member bank, so your account is fully insured.

Ready to boost your savings? Take a sec and check it out..

10. They leave their family vulnerable

There’s nothing you wouldn’t do for your family, right?

Most people know that life insurance is a good idea but few of us like to think about it. If the worst happens, your family might be unable to manage without your income. That’s why life insurance exists.

It’s money they can depend on, even if you aren’t around. That financial support can be crucial, helping to cover the costs of funerals, childcare, college, debts and other expenses. Whatever it is you think your family might need.

Fortunately, with a website called Haven Life, you can get easy and affordable life insurance online in just a few minutes. Take it from us — that peace of mind is priceless.

Haven Life offers term life insurance up to $3 million in coverage, issued by MassMutual, one of the country’s oldest and most reputable insurance companies.

Simply answer some questions about your health, see if you’re instantly approved and activate your policy.

Protect your loved ones today. Get your free quote in minutes.

Bonus: Grow your savings by $1,000 every year

If there were just one easy thing you could do, every day, to save more money, to create more wealth, you’d do it, right?

Well, here it is: Take just five minutes every day and check out the totally free Money Talks Newsletter. More than a million Americans have, and they’ve reported saving an average of $991.20 each by checking our news and advice.

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