The Seven Most Common Financial Mistakes

Recently, Consumer Reports did a survey about the commonfinancial mistakes people make. Below are the seven most common pitfalls.

1. Not revising your will or updating the beneficiaries.
2. Not informing your family about where they can find theplans and accounting. details and about the finances.
3. Not reviewing your 401(k)s by missing out on employeecontribution.
4. Failing to keep adequate homeowner insurance coverage.
5. Not having an emergency fund that can cover three to sixmonths of living.
6. Not reviewing credit reports.
7. Failing to manage your debt. 

See 7 Money Stumbles to Avoid We’ll Show You How to Steer Clear of the Mistakes or Change Course, Consumer Reports Magazine, Feb. 2013.

Special thanks to Naomi Cahn (John Theodore Fey Research Professor of Law, George Washington University School of Law) for bringing this article to my attention.