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Tag: Mistakes

Advisors urge investors to avoid these mistakes with their 401(k) during coronavirus crisis

Advisors urge investors to avoid these mistakes with their 401(k) during coronavirus crisis

Finance
For anyone who became accustomed to watching their 401(k) account balance climb higher for years on end, the market's recent drop and continued volatility may be unnerving if not downright scary.Nevertheless, you shouldn't let fear cause you do something that could hurt your long-term retirement planning, advisors say. "The coronavirus is certainly creating a prime opportunity for 401(k) mistakes to be made," said certified financial planner Shon Anderson, president of Anderson Financial Strategies in Dayton, Ohio.STOCK4B-RF | Getty Images"Unfortunately, not everyone will be able to avoid them, especially if their job or income has been affected," Anderson said.The coronavirus pandemic has taken a sledgehammer to the U.S. economy, as businesses have had to shutter and lay off or furlo...
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...