How to avoid financial missteps throughout your life

WASHINGTON, DC (WUSA9) -- Over a lifetime, you are going to make mistakes with how you handle your money.

According to, these are some of the worst mistakes that could be made at any age.

In your twenties, financial experts say most people spend more than they earn. So focus and learn to live on a budget, become debt free and start a 401(k) account early.

You really don't think about life insurance in your thirties. But, experts say that's really the time to get it. You can can lock in a low rate for 20 to 30 years.

By the time you hit forty, your growing children might be getting ready for college. Save for college, but not at the expense of your retirement savings. So, keep saving because compound interest is still your friend.

Most people get too defensive with their savings in their fifties. It's not just the time to preserve your nest egg, but to add to it.

Experts also suggest that you should be wary of co-signing loans, like a house or car, for your kids. Only co-sign a loan that you actually plan to pay.

Don't underestimate medical expenses in your sixties, especially if you plan on living on a regular monthly income during retirement.

A tip, build some of those future health costs into your retirement plan.


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