7 Most Common Financial Planning Mistakes Buffalo NY

  1. Excessive/Frivolous Spending

Great fortunes are often lost one dollar at a time.

It may not seem like a big deal when you pick up that double-mocha cappuccino, stop for a pack of cigarettes, have dinner out or order that pay-per-view movie, but every little item adds up.

Just $25 per week spent on dining out costs you $1,300 per year, which could go toward an extra mortgage payment or a number of extra car payments.

If you’re enduring financial hardship, avoiding this mistake really matters – after all, if you’re only a few dollars away from foreclosure or bankruptcy, every dollar will count more than ever.

  1. Never-Ending Payments

Ask yourself if you really need items that keep you paying every month, year after year.

Things like cable television, music services or fancy gym memberships can force you to pay unceasingly but leave you owning nothing.

When money is tight, or you just want to save more, creating a leaner lifestyle can go a long way to fattening your savings and cushioning yourself from financial hardship.     

  1. Living on Borrowed Money

Using credit cards to buy essentials has become somewhat normal.

But even if an ever-increasing number of consumers are willing to pay double-digit interest rates on gasoline, groceries and a host of other items that are gone long before the bill is paid in full, don’t be one of them.

Credit card interest rates make the price of the charged items a great deal more expensive.

Depending on credit also makes it more likely that you’ll spend more than you earn.

7 Most Common Financial Planning Mistakes Buffalo NY

  1. Spending Too Much on Your House

When it comes to buying a house, bigger is not necessarily better.

Unless you have a large family, choosing a 6,000-square-foot home will only mean more expensive taxes, maintenance and utilities.

Do you really want to put such a significant, long-term dent in your monthly budget?

  1. No proper risk planning and execution

People start investing on advice of some friend or family member without even understanding what kind of risk the instrument holds, neither do people understand that with increasing age their risk should keep coming down.

  1. Lack of self discipline and initiative

People lacks self discipline when it comes to investment and do not take the initiative to plan for financial future.

  1. Loans

Excessive or expensive loans; easy loans & careless spending, becomes a big trap to these loans.

8 Buffalo NY Financial Planning Tips

  • When your money arrives in your account, you FIRST save money (10%), SECOND reduce debt (10%) and THIRD spend money.
  • Otherwise you will find out that there will be almost never money left to save.
  • Then “forget” (as a matter of speaking) that you have saved.
  • Debt and alcohol work in the same way.
  • Use both with moderation and you have pleasure. Enjoy too much and you have problems. Get addicted and you are in real trouble…
  • Do yourself a favor, don’t burn out. Invest early, invest smart. Don’t confuse gambling with investing.
  • Above all, know what risks are right for you – the worst thing you can do is take on too much risk relative to your mindset and end up burning yourself out permanently.
  • You can build wealth. With time, knowledge and diligence. Everything else is a magic box.

Mintco Financial Financial Planning Buffalo NY

Since 1997, Mintco Financial has helped clients navigate through life’s transitions.

Our goal is to make each of these exciting, but often financially and emotionally challenging, transitions smooth and rewarding.

Whether you are getting ready to retire-facing critical social security, pension, and income decisions-or just getting started on your financial path, we believe our experience in providing specialized wealth planning solutions will benefit you.

Independence matters. As an independent firm, Mintco Financial Services has the ability to provide you with investment strategies.

We match strategies or products to best meet your unique needs.

Our investment management team provides investment strategies designed to navigate the changing market environment.

Focusing on investment time horizon, diversification, and risk tolerance, each portfolio is designed to provide you with superior investment opportunities.

Call us at 716-565-1300

Email us at info@mintcofinancial.com