7 Money Mistakes To Avoid In Your 50s
People make money mistakes all the time. And that’s completely normal. At least when you’re young, money mistakes are part of the learning process. But there comes a time when money mistakes aren’t just undesirable – they’re plain dangerous. The closer you are to retirement, the closer you are to that threshold.
Avoid Money Mistakes Whenever You Can
Here are the top 7 money mistakes everyone should do their best to avoid, particularly those who are already in their 50s.
1. Being Reactionary
The biggest of money mistakes people make in their 50s is discarding the money strategy that’s been working for them for years now.
Whatever shiny new thing is trending today isn’t likely to suddenly make you a millionaire right before your retirement. Be it a great new start-up (according to financial media), a money hack, or anything of the sort.
The other side of that coin lies panic wherever you see the stock market dip, the economy going into recession, or financial media start blaring about crisis.
2. Not Being Properly Insured
When was the last time you reassessed your insurance? We often forget that multiple factors are influencing our insurance policies – inflation, our net worth, increased expenses, etc. Yet we tend to get complacent with the policy we already have, especially if haven’t had to use it in a while.
Being underinsured is one of the worst money mistakes you could make, so make sure you reassess your insurance every once in a while so it can keep up with your expenses.
The most common of money mistakes, overspending is something even youngsters are learning to avoid these days, so there’s no excuse for someone who’s in their 50s. At this age, you should already have the budget all figured out.
4. Being Too Aggressive Or Cautious When Investing
Being too cautious means not making enough to retire comfortably and not having to rely on your kids. Being too aggressive, on the other hand, means taking unnecessary risks.
Remember that you’re not a day trader. Talk to a financial expert to determine the best possible investment strategy specifically for your situation, but remember the basics: diversify your investments, have a moderately conservative portfolio and aim for long-term stable gains.
5. Relying On Government Help
Possibly the worst of all money mistakes is holding onto a belief that government will save you. The real truth is it won’t.
Our government is a large inflexible machine that’s too slow to act and even slower to act effectively. Even if you have a government pension, it’s unlikely to cover more than the most basic of your needs. This is why you need to save for your retirement.
If you don’t have a nest egg ready by the time you retire, it won’t be the government that will bear the weight of your money mistakes, it will be your kids.
6. Not Prioritizing Your Health
Everyone knows that health expenses increase with age. And people deal with health in one of two ways. Either they regularly visit doctors and adhere to their recommendations, or they do their best to avoid setting foot in a doctor’s office until they can’t deal with the pain anymore.
In your 50s, the money you spend on your health is money you invest in the future – regularly visiting doctors, having your blood work done, spending money on quality products, and taking supplements may cost you – but it will help you avoid larger expenses in the future.
7. Postponing Dealing With Emergencies
By your 50s you should already know that hiding your head in the sand like an ostrich and waiting for a problem to go away on its own is a surefire way to overpay for them later.
Things like the ignition switch getting stuck, a light toothache, kitchen sink having troubles may seem like they’re bearable as long as they’re working – but you’ll either find yourself paying more down the line to get them fixed, or find you’re unable to fix them.
This is why it’s better to deal with them right away even if you have no emergency savings and have to get cash together from alternative avenues, like taking out a title loan.
Use A Title Loan For Help
A title loan is an optimal solution in an emergency since it’s accessible for most people, the process is short and straightforward; it actually lasts on average around 30 minutes. And if you are approved, you’ll get the money on the next bank business day at the latest.
We here at Carolina Title Loans, inc. will try to accommodate you regardless of how your credit looks. So as long as you’re at least 18, own a car, and that car’s title is in your name and lien-free – you can apply for a title loan even if your credit score is bad or nonexistent.
Applying for a title loan is simple as well. Just follow our quick guide below to learn more:
- Fill out the online form you’ll find on the website with your basic information. Don’t worry, this information is kept confidential.
- Answer the loan representative when they’ll call you to set up a meeting.
- Bring your car; your lien-free car title; and your government-issued ID to either a location of your choosing or at the nearest Carolina Title Loans location.
- Have the loan representative inspect your vehicle to determine how much you qualify for. They will then examine your other documents to determine if you qualify for approval.
- If the loan representative is able to approve you, you’ll get the cash either the same day or the next bank business day.
If you are in your 50s, or getting close to it, there are certain money mistakes you must avoid. These are just seven of the worst ones you need to make sure to steer clear of. Once you do that, you may even find that your money situation improves greatly.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.