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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 —
These stocks could be the biggest winners if the US completes this phased trade deal with China

These stocks could be the biggest winners if the US completes this phased trade deal with China

Finance
US President Donald Trump shows a letter from Chinese President Xi Jinping as he announces and initial deal with China while meeting the special Envoy and Vice Premier of the People's Republic of China Liu He Special Envoy and Vice Premier of the People's Republic of China Liu He at the Oval Office of the White House in Washington, DC on October 11, 2019.Nicholas Kamm | AFP | Getty ImagesThe U.S. and China agreed to the first phase of a "substantial" trade deal that delays tariff hikes scheduled to kick in next week. These stocks are set to win the most from the resolution, if it can be completed.CNBC's proprietary "China Trade Index" jumped nearly 2.5% on Friday on the partial deal announcement. The 25 companies in the index are among those with the biggest China revenue exposure and the ...
These 5 money habits put young workers on track for retirement

These 5 money habits put young workers on track for retirement

Finance
Jose Luis Pelaez Inc | DigitalVision | Getty ImagesYes, you can max out your 401(k) plan at work, go on vacation and enjoy your Netflix, too.Close to half of the so-called "super-savers" polled by Principal Financial Group said they not only saved aggressively their retirement plan at work, but they also still maintained their Netflix or Hulu subscription services.The company polled 1,116 participants in its 401(k) plans between May and June of this year.These individuals either came close to maxing out their 401(k) in 2018 — they contributed $ 18,500, plus a catch-up contribution of $ 6,000 if age 50 and up — or they saved at least 15% of their salary in their plan.In 2019, you can save $ 19,000 in your 401(k) plan, plus $ 6,000 if you're over 50."Little steps make a huge difference," sai
How these financial advisors are using social media to grow their business

How these financial advisors are using social media to grow their business

Finance
Petri Oeschger | Moment | Getty ImagesOne of the best ways financial advisors can bolster their credibility and reach potential clients is available for free.It's called social media.However, merely joining Twitter and Facebook won't cut it, according to Dasarte Yarnway, founder of Berknell Financial Group in San Francisco.He shared his views about building a brand on social media at the Wealth/Stack conference in Scottsdale, Arizona. Yarnway also hosts "The Young Money Podcast.""Outside of opening the account, you need to join the conversation," he said. "Engagement is key; finding your voice is the second thing."Used correctly, social media can provide financial advisors with an outlet to showcase their expertise, network with their peers and meet potential clients."We really look at soc...