The 7 Biggest Money Mistakes 40-Somethings Make

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Are you experiencing a midlife financial crisis?

We spend a lot of time thinking about our financial strategies at the beginning and end of our working lives -- how we'll stretch our first entry-level paychecks, what our retirement will look like, and so on. But we can loose focus when we hit our 40s and wind up coasting -- when we should still be actively strategizing.

If it's been a while since you re-evaluated your financial goals, look at this list of the seven biggest financial mistakes that 40-somethings fall prey to. If you're guilty of any, a course-correction may be in order.


Paula Pant ditched her 9-to-5 job in 2008. She's traveled to 30 countries, owns six rental units and runs a business from her laptop. Her blog, Afford Anything, is a gathering spot for rebels who refuse to say, "I can't afford it." Visit Afford Anything to learn how to shatter limits and live life on your own terms.


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Saint Michael

Same old tired advice as every other article. Save for retirement, save for kids' college, save for car (okay that's a new one). How is that working out for you?

July 17 2014 at 7:46 PM Report abuse rate up rate down Reply
alfredschrader

A lot of firms offer 401Ks where they match your contributions. .. you put in 50 bucks and they put in 50 bucks. You certainly would want to put something into that because you double your money.
Most 401Ks also pay interest. I suggest not invest in stocks 401Ks because most of the equities managers are not very good. If they were, they'd be stock millionaires, not portfolio managers.
Cash equivalents are better.

July 16 2014 at 5:47 PM Report abuse rate up rate down Reply
1 reply to alfredschrader's comment
gsteveg49

Hi: Very good suggestion. Equally important though is that planning must be considered for the end result as there is likely to be a "retirement tax time bomb" waiting at the other end when its time to take out the monies....Many people will be in for a rude surprise.

July 17 2014 at 3:43 PM Report abuse rate up rate down Reply
progressivehoax

Obama and the Leftwing Loon Democrats are the biggest money mistake in history.

July 16 2014 at 8:47 AM Report abuse +2 rate up rate down Reply
1 reply to progressivehoax's comment
hecd.ag

Morning Anger Monkey

July 16 2014 at 8:49 AM Report abuse -4 rate up rate down Reply
1 reply to hecd.ag's comment
democrap2

Morning Jim

July 16 2014 at 9:01 AM Report abuse +1 rate up rate down
MYLES

Choise? Really? Sounds like Paula should have applied for every available scholarship.

July 16 2014 at 8:44 AM Report abuse +3 rate up rate down Reply