Personal Finance is a Very Important Job

"If one doesn't make time to learn about one's personal finances, one will end up panicking later when running out of money for one's needs." ~ Super Saver

Few people pay attention to managing personal finances  until there it's obvious they can't cover their necessary expenses, and then there is panic, and then it may be too later.   

Financial Illiteracy and some examples: 

Bad Habits

• Spending more than one earns.
• Carrying a credit card balance and paying interest
• No emergency funds
• Not having a plan
• Not investing early

Outdated Assumptions

• Social Security will be enough
• Traditional IRAs/401Ks are best for retirement savings
• Kids will support us if needed
• Depending on unlikely inheritance

Subtle Oversights

• No keeping taxes lower legally
• Not saving first before paying expenses
• Assuming a student loan is an "investment'
• No understanding the repayment amounts for student loans

These are just some examples but not every possiblity.  YMMV.

For more on The Practice of Personal Finance, check back every Wednesday for a new segment.

This is not financial advice. Please consult a professional advisor.

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