Money mistakes you didn't know you're making
9 days ago
- #retirement planning
- #personal finance
- #tax optimization
- Not investing in 401k at all or not enough to get the full employer match.
- Not front-loading 401k contributions when beneficial or spreading them out when required for full employer match.
- Missing out on Mega Backdoor Roth opportunities for tax-free growth and withdrawals.
- Not enrolling in employer’s deferred compensation plan for tax-deferred growth.
- Not planning for tax bills on RSUs, leading to potential penalties.
- Keeping cash in low-interest accounts instead of high-yield options like HYSAs or T-bills.
- Not utilizing HSAs for their triple tax advantage.
- Overlooking 529 college savings plans for tax-free educational expense growth.
- Not maximizing cash back on credit cards, especially with premium rewards.
- Lacking umbrella insurance for additional liability coverage.
- Not setting up a living trust to avoid probate and not transferring assets into it.