Hey there, folks! They say age brings wisdom, but it doesn’t always guarantee smart money moves. As we hit the big 5-0 and beyond, it’s crucial to steer clear of common financial oversights that can derail our hard-earned savings.
From risky investments to neglecting retirement planning, the post-50 phase comes with its own set of money traps.
Let’s dive into the top dumb money mistakes that many people make after reaching this milestone, and learn how to sidestep them for a secure financial future.
1. They don’t get a second set of expert eyes
To properly manage your money, work with a professional — it’s totally worth it. If you’re not doing this, you could be missing out on some serious financial gains.
A Vanguard study 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 financial advisor. That’s twice as much!
If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisors in your area, all legally bound to work in your best interests.
Even if you don’t want help picking investments, an advisor can help lower your tax burden, create a comprehensive financial plan for you, maximize your Social Security, and serve as a second pair of eyes to make sure you’re on the right track. They can also be there in case one day you’re not.
Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free consultation. Why not check it out right now?
Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”
2. They let debt drag them down
Sarah, like many Americans, found herself trapped in a vicious cycle of debt. Her life became sleepless nights, constant stress, and the incessant ringing of creditors’ calls. She felt helpless and alone, wondering if she would ever break free from the crushing weight.
Then Sarah discovered the power of credit counseling. With the guidance of a compassionate and knowledgeable team at Freedom Financial Network, Sarah changed her life. Freedom helped her create a personalized plan to tackle her debts head-on, negotiating with creditors and finding solutions that fit her unique situation.
Today Sarah’s a different person. Her debt is gone. Her stress has been replaced by hope. As she followed the path laid out by her new friends at Freedom, the stress and anxiety gradually melted away. No more dodging calls. No more sleepless nights. Her hope was renewed and now she has the confidence to take control of her money and her life.
If you’ve got more than $10,000 in debt, or know someone who does, do something. Contact Freedom Debt Relief. Have a free chat with a counselor.
Find some peace of mind. Remember, you only live once. There’s no reason to live it buried in debt.
Take a minute and contact them 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 castle can quickly crumble and cost you hundreds, or even thousands.
Unless, that is, a home warranty company has your back. Example? First American will protect you from giant bills by covering everything from home appliances to electrical, plumbing, heating and cooling systems — even pools and spa equipment.
They also allow you to customize your plan, so you only pay for what you need.
When something goes wrong, just call First American, day or night. The company has a network of prescreened technicians and typically dispatches an independent contractor within 48 hours.
Hey, if you’re handy and like to repair stuff yourself, that’s obviously the cheapest route. But if that’s not you, a penny spent now could save you big bucks later.
Get your free quote in 30 seconds.
4. They don’t use this secret source for discounts
Are you over 18? Then you’re eligible to save hundreds of dollars every year simply by joining AARP.
“What?” You say, “I thought AARP was for retired people.”
As it turns out, you don’t have to be 50 or older to join AARP. And members get discounts on hundreds of things, like:
- Up to $200 per person off flights
- Up to 30% off rental cars
- Up to 15% off restaurants
- Up to 20% off hotels
You’ll also save on eyeglasses, prescriptions, meal deliveries and lots more. And that’s not all. AARP offers a Fraud Watch Network, job listings, retirement planning tools, games, and tons of information, programs and resources.
Anyone trying to save money can’t afford not to join AARP, especially since the cost is as low as $12 per year with auto-renewal. You’ll likely recoup the cost in the first week. Click here and check it out.
5. They waste thousands on car repairs
The cost of car repairs is skyrocketing. One shop told Consumer Reports that a decade ago, their average repair was $1,600. These days, the average bill is $4,000.
If you’re concerned about coming up with thousands of dollars for a repair bill, protect your investment with a CarShield auto warranty.
CarShield provides extended warranty plans of up to 24 months, and allows you to choose from at least six different plans, so you’ll only pay for the coverage you need. They cover cars up to 20 years old and offer flexible month-to-month plans so you’re not locked in for years.
CarShield has a network of thousands of ASE-certified repair shops, and they pay the repair bill. All you cover is the deductible. All their warranties include 24/7 roadside assistance and rental car benefits while your vehicle is being repaired.
ConsumerAffairs calls CarShield “a solid choice” for drivers of any age, and “particularly appealing” for those with older vehicles.
Take a minute right now and get a quote.
6. They lose $610 every year on car insurance
If you’re like most Americans, you’re probably paying too much for car insurance. But shopping around for a better deal is such a hassle.
Well, it used to be.
Now you can just check out Provide Insurance, the largest online marketplace for insurance in the U.S. Provide Insurance lets you compare quotes from more than 175 different carriers in minutes.
All you have to do is answer a few questions about yourself and your driving history. Then Provide will show you the best options for your needs and budget.
You could save up to $610 a year on car insurance by using Provide Insurance. That’s money you could use for other things, like investing, saving or paying off debt.
Don’t let your current insurer overcharge you. Try Provide Insurance today and see how much you can save on car insurance.
7. They don’t get fast payouts when playing games
Lots of companies let you earn money by filling out surveys, completing tasks, signing up for stuff, or playing games.
But FreeCash is in a league of its own.
Freecash boasts the fastest payouts (we’re talking instant!), with minimum withdrawals as low as $5. Plus, you can cash out with PayPal, crypto, gift cards – the choice is yours. FreeCash users have already earned more than $57,000,000!
So try FreeCash. It’s the fast, fun way to earn real cash. Don’t waste another minute – Freecash is waiting!
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