In discussions with my readers and from what I see online I am constantly amazed at how low a priority folks give their finances. Yes, it is unpleasant to deal with hard money issues. Taxes are a drag. Changing bank accounts for a higher yield is a pain. There never seems to be enough money in our paycheck after monthly expenses. And finding time to discuss money issues with our significant other is rarely a priority.
But the reality is that unless you are on top of your finances, you will surely end up on the path to financial mediocrity. Here are 7 red flags indicating that you may be on the wrong financial path.
1. You don't have a financial plan. A bunch of random mutual funds isn't a plan. Saving whatever little you may have left at the end of the month isn't a plan. Counting on a future windfall or lottery win is definitely not a plan. A plan means running a retirement calculator, identifying a savings goal, making reasonable assumptions about rate of return and taxes,Read More »from Sure Fire Signs You Are Heading for Long Term Financial Ruin