There are a lot of lists out there telling us what not to do with our money, but the list published in the Consumer Reports February issue was one of the most comprehensive I've seen. Each mistake is identified with an estimated price tag, and the 12 mistakes could cost up to $1 million. Pretty eye-opening when they put it like that.
- Investing too conservatively during retirement: $360,000 to $750,000.
- Retiring before you need to: $237,000 to $309,000.
- Launching a divorce war: $49,000 to $188,000.
- Underinsuring your home: $16,000 to $194,000.
- Overpaying for your mortgage: $27,000.
- Carrying a credit-card balance: $5,000 to $23,000.
- Maintaining an unhealthy lifestyle: $4,600 to $42,000.
- Ignoring Roth accounts: $9,000 to $26,000.
- Cashing out your 401(k) early: $6,000 to $17,000.
- Underfunding your 401(k): $36,000.
- Paying needless fund fees: $4,000.
- Falling for a scam: $100 to you-name-it.
Six more, so just read more