“In the process of achieving those goals, however, many rookies make a number of financial errors that cost them for many, many years to come. If you run out of cash before you can create a following and steady income, it’s game over. Too many promising businesses end up forgotten on the sidelines, with the founders financially and emotionally devastated. Make 2016 the year that you take control of your money, and use it to accomplish all the goals that are truly important to you. By avoiding the money mistakes listed below, you’ll set yourself on good ground for a financially successful 2016.”
The start of a new year often means a fresh financial and life start for many people as they contemplate their goals and dreams. Some of those goals and dreams can increase their quality of life; others, not so much.
Today we’ll share seven money mistakes you should avoid in 2016 if you’re interested in stepping up your financial game for the long term.
1. Not taking advantage of your employer’s 401(k) match.
Every year, billions of investment dollars are left on the table by employees who choose not to take advantage of their employer’s 401(k) match program. Yep, that’s billion with a “b.” In fact, an estimated $24 billion in unclaimed 401(k) match funds are left unused in the United States every year, according to a 2014 analysis of 4.4 million retirement plans by investment advisory firm Financial Engine.
If your employer offers 401(k) match dollars, don’t give away this valuable addition to your retirement fund by not taking advantage of the benefit. Instead, contribute at least up to the match percentage to instantly double your retirement investing dollars.