10 Money Mistakes and How to Avoid Them with Taylor Kenrich (B ’22)

If you missed the May 16 GOLD Krewe 101: Secure the Bag (for Retirement!) with Licensed Financial Planner, Taylor Kenrich (B ’22), who has graciously provided a list of financial tips that can be viewed below.

Here are 10 Money Mistakes—and How to Avoid Them:

Everybody makes mistakes. Some you may be aware of, others not so much. Regardless, making missteps can affect your finances if you don't learn how to adapt. As you move through life, keep these financial pitfalls and ways to avoid them in mind. That way, you can change course as needed.

  1. Not Having Financial Goals Set "SMART" goals for savings, retirement, & debt. "SMART" stands for Specific, Measurable, Achievable, Relevant, and Time-bound.
  2. Not Watching Your Credit Score Review your credit report each year & monitor for inaccuracies. 
  3. Not Diversifying Your Assets Spread out investments among different asset classes to help lower risk. 
  4. Not Having a Budget 
    1. Use the 50/30/20 method: 
    2. 50% of your monthly income for needs and savings 
    3. 30% for wants 
    4. 20% for debt repayment 
  5. Not Having an Emergency Fund Have 3–6 months' worth of expenses saved up. 
  6. Carrying Too Much Credit Card Debt Make more than the minimum payment to stay below card limits. 
  7. Not Taking Advantage of Your Full Employer 401(k) Match Contribute the same as your employer match to double your contribution. 
  8. Not Having Enough Life Insurance Combine workplace benefits with your own life policy to get the benefit amount you need. 
  9. Paying the "Wrong" Debts First Understand "good" vs. “bad” debt to focus on paying off debt that hurts your credit score. 
  10. Not Getting Professional Financial Advice Financial professionals can offer valuable insights and unique recommendations for your situation and goals. 


*Securities and investment advisory services offered through qualified representatives of MML Investors Services, LLC, Member SIPC, and a MassMutual subsidiary. 1295 State Street, Springfield, MA 01111-0001. MassMutual, its employees and representatives do not offer services or advice related to debt management. MM202810-313976