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Tag: Mistakes

The worst money mistakes these top advisors have seen investors make

The worst money mistakes these top advisors have seen investors make

Finance
Witthaya Prasongsin | Moment | Getty ImagesIrish author James Joyce wrote in his novel "Ulysses" that a genius makes no mistakes. "His errors are volitional and are the portals of discovery," he wrote. Talk about hindsight being 20/20. Joyce's spin aside, mistakes can indeed be learning experiences — and we all make them, especially when it comes to finances.Financial advisors make a living trying to help clients steer clear of error when it come to managing money but mistakes do happen. Sometimes it's a matter of sage advice not taken, other times entrenched bad habits or beliefs that just won't yield to common sense. We asked advisors from firms that made the FA 100 list what the worst money misstep they've ever seen a client or other investor make was. Their replies follow.California Fi
The Property Brothers: Don’t make these home renovation mistakes

The Property Brothers: Don’t make these home renovation mistakes

Finance
When it comes to renovating your home, the last thing you want is surprises.So before you start swinging a hammer, it's important to take steps that can help you avoid costly blunders, according to Drew and Jonathan Scott, the stars of HGTV's "Property Brothers.""[The] No. 1 common mistake that so many people make when they're renovating their house [is thinking] 'I can take this whole thing on myself,'" said Drew, a real estate agent."If you've never been a general contractor, and you're doing a major renovation, and now you want to be your own general contractor, first red flag. Probably a problem," added Jonathan, a licensed contractor.That doesn't necessarily mean that you have to hire a professional for everything.Instead, think about your comfort zone. If a project is outside of it —
Three big mistakes to avoid during Medicare open enrollment

Three big mistakes to avoid during Medicare open enrollment

Finance
Hero Images | Getty ImagesEven if Medicare's open enrollment period sounds like a big snore fest, you might sleep better next year if you take advantage of it.For the program's 60 million beneficiaries, that yearly fall window — Oct. 15 through Dec. 7 — offers the chance to make changes that take effect Jan. 1. While you aren't required to do anything — your coverage will automatically renew if you take no action — passing on the chance review your plan could cost you in 2020."The danger is that at the time of service, you'll be surprised when you have a different copay or out-of-pocket expense that you weren't anticipating," said Elizabeth Gavino, founder of Lewin & Gavino in New York and an independent broker and general agent for Medicare plans.More from Personal Finance:Couples wei
Bees get better at math when they’re punished for mistakes

Bees get better at math when they’re punished for mistakes

Science
Oct. 11 (UPI) -- Bees can count and understand the concept of zero. But their math skills have limits. Previously, scientists thought bees could only count to four, but new research suggests bees can understand quantities as great as five, provided they're trained with rewards and punishments. Tests suggest fish are also thwarted by arithmetic thresholds. But it's not just small-brained animals. Human brains are similarly limited. Estimating quantities up to four is effortless for most people, but estimating larger quantities takes more concentration. Until now, scientists thought bees were incapable of the focus necessary to comprehend larger numbers. However, the latest research showed that when bees are properly trained, they can process quantities as large as five. For the study, sc...
Cringeworthy money mistakes advisors have seen their clients make

Cringeworthy money mistakes advisors have seen their clients make

Finance
Damir Khabirov | iStock | Getty Images "He who makes no mistakes makes nothing."Talk about a silver lining, especially when applied to finance. This 200-year-old quote, attributed to Casanova, gives hope to all those ruing a grave error or missed opportunity.And it's true: We learn what not to do going forward when we do something incorrectly. Money mistakes can be costly in the short term. On the bright side, it can help us improve our financial future if we apply those lessons wisely.We asked nine members of the CNBC Digital Financial Advisors Council, along with Helen Modly of Buckingham Strategic Wealth, about the biggest mistake with money they've ever seen a client make.Louis Barajas, founder and CEO of Wealth Management LAB, Tustin, California: "Over the years, I have had several c...