D-I-Y Financial Planning: Three Mistakes to Avoid
With the current economic situation, financial planning and investing are important as ever. Here are three mistakes to avoid if you plan on doing it yourself:
Relying on the Out-of-Date Information: It’s hard for DIY books on financial planning and economics to stay up to date, especially during our current economic situation. In attempts to restore the economy, many laws have recently been passed that impacted financial planning. Since laws change all the time, double check your resources and make sure you are using the most up to date information.
Getting Tangled in the World Wide Web: The Internet can’t be the only way you manage your investments. In order to be a smart investor, you need knowledge of more complex investment concepts.
Exposing Yourself to Catastrophes: Make sure you have enough life insurance. Think about your future and plan accordingly. If you plan to have kids, you should increase your life insurance coverage so that if something were to happen they’d be taken care of.
By avoiding these three costly mistakes, you’ll be better prepared to make smart decisions on spending and investing. For more information on DIY financial planning, visit FOX Business.