If you’re falling behind in the pursuit of your financial goals, money management errors may be the reason. Missteps along the route to financial independence can be costly. Avoiding common mistakes can keep you moving in the right direction.Crane Investment Services Logo

Not Having a Strategy
A successful financial future doesn’t just happen. It takes forethought and a plan. If you don’t know what you’re investing for or how much money you’ll need, you won’t be able to design an effective strategy.

Not Investing Enough for Retirement
Putting off contributing to an employer’s retirement plan or an individual retirement accounts can leave you short of funds in your golden years. And if you’re not taking full advantage of any employer match that’s offered, you’re basically turning down “free money.”

Trading Investments Haphazardly
All investments have ups and downs. Reacting to short-term price fluctuations can result in lower returns, especially if you’re out of the market during a rebound. Establishing sell criteria in advance may be a better strategy. That way, your decisions will be based on reason instead of emotion. For example, a long period of underperforming a benchmark index may be a valid reason to sell an investment and purchase something else.

Not Seeing the Whole Picture
Your investments should work together to help you pursue your goals. Don’t buy an investment without defining the role it will play in your portfolio.

Relying on Credit
If you’re using credit cards to pay for vacations, entertainment, or items you want but don’t need – and not paying the entire bill when you receive your statement – you could be heading for trouble. Waiting until you have enough set aside to pay cash is the way to go.

Failing to Plan for the Unforeseen
How would you pay your bills if you were injured or ill and couldn’t work? Not having adequate disability insurance to replace a portion of your income can be devastating to your finances. A life insurance policy to protect your family’s lifestyle if something were to happen to you is also something to consider.

Ready to get started? Contact us today!

Crane Investment Services advisors are registered representatives of CUNA Brokerage Services, Inc. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), Member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Broker Services, Inc., is a registered broker/dealer in all fifty States of the United States of America.