5 Things Not to do With Your Money

People, especially in shaky financial times, tend to make mistakes with their investments and how they spend their money.

Among the various age groups, it’s the baby boomers now that have to be very careful with what they do with their money, since they are retiring soon or already have.

So, here are 4 things that one should not do with their money, no matter which age group you belong to:

#1: Don’t buy into the fear that the media is selling

As Roosevelt once said, “There is nothing to fear except fear itself” and this applies to finances as well. Going against the norm of buying low and selling high is anything but advisable but is what people do when they are scared.

#2: Don’t pay for your child’s college tuition with your retirement savings

Do not touch your retirement savings when paying for your child’s college tuition for unlike college they cannot be financed. Look for college loans, grants, work internships and scholarships and prepare your child for the reality that they might not be able to go to a college of their choice.

#3: Don’t give money to a planner who has just ‘got into the business’

Always give your money to a financial planner who has spent several years in the business with a good track record. The simple reason being that he or she will be able to help you meet your goals especially when since you are nearing retirement.

#4: Don’t make investments without a plan

While some people might have a financial planner, they don’t seem to have a plan. Ensure that you know what your objectives and how much you need to invest to meet those goals.