Albuquerque Journal (Albuquerque, NM)

Proceed With Caution.

Byline: Lee Matthew *Illustration by Carol Cooperrider

Achieving your goals depends on avoiding the detours of 10 common financial mistakes

Your path to financial success can lead you along some pretty thorny detours when you don't pay attention to the hazard signs.

Here are 10 of the most common financial mistakes and how to avoid them:

1. Not making a plan

The potential costs of financial procrastination and ignorance can be heavy. If you don't start planning, you might suffer the consequences of higher taxes, gaps in retirement and insurance coverage and inappropriate investments.

The old adage is really true: "If you don't know where you're going, you probably won't get there." Solution: Develop a financial plan. If you don't know how, see a reputable financial planner.

2. Spending too much, saving too little

Unless you win the lottery or inherit a bundle, the only way to achieve financial independence is by accumulating assets and you do that by spending less than you earn and saving the difference. …

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