Maybe the biggest rookie finance mistake happens when someone from human resources sends you a link or gives you a form to enroll in the company 401k at your first job. There's so much else going on, and the usual response is to put it on the "I'll get to it later" list. When "later" becomes years later, you wonder what might have been if you had signed up right from the start.
We've all faced similar decisions, and some we get right—but others leave us wondering the possibilities of what could and should have been. Forbes' article, "10 Financial Choices You'll Regret in 10 Years," discusses some financial decisions that you'll kick yourself for in 10 years. Let's take a look at five of these now:
1. Starting your budget way too late. Most people think that budgeting means not being able to spend money on the things they really want, but it's really a freeing exercise. You can recognize the areas of your life where you're wasting money on things that aren't important to you. Look at where you can use some money for something that is more desirable. As a result, instead of an expense that you could care less about, you will put your money to better use. If you've been putting off beginning to budget, start today and discover its amazing benefits.
Houston Estate Planning and Elder Law Attorney Blog
Let's continue addressing a series of money decisions from Forbes' "10 Financial Choices You'll Regret in 10 Years," regarding financial choices we make in the earlier part of our lives that are surprisingly important—but we don't always see how important they are until it is too late.