Biggest Money Mistakes People Make

Available for Interviews: Mario Payne, CFP

Mario Payne is a Certified Personal Planner and is the Founder of TOAMS Financial in Jacksonville and brings over 15 years of investment experience to his business. He is also the author of the forthcoming book, The R.e.l.a.x. Investor: A Stress-Free Approach to Investing While Building Wealth.

What Mario Payne could say on
Money Mistakes:

• Neglecting to Budget and Track Spending. Many people fail to create or follow a monthly budget, which can lead to overspending and failing to save or invest adequately. The lack of visibility into where their money goes each month can make it difficult for them to make informed decisions about their spending habits.

• Lack of Emergency Fund. It’s a common mistake not to save for unexpected expenses. An emergency fund is essential to cover sudden, unexpected costs such as medical emergencies, job loss, or major repairs. Without one, people may need to incur debt or dip into their long-term investments to cover these expenses.
• Ignoring Retirement Planning. Many people underestimate the amount they’ll need for a comfortable retirement or delay saving for retirement, relying too heavily on social security or pensions. This can create a significant financial burden in later life when earning capacity might be reduced.
• Carrying High-Interest Debt. Often, people fail to prioritize paying off high-interest debt like credit cards, instead making only minimum payments. This can lead to paying far more interest over time than the original principal and significantly impeding their financial growth.
• Trying to Time the Market. Some investors believe they can outsmart the market by buying low and selling high based on predictions or short-term trends. However, timing the market is extremely difficult, even for professional traders. This can lead to poor investment decisions and potential losses. Instead, adopting a long-term, diversified investment strategy can be more beneficial.