In “My 7 Worst Money Mistakes,” Laura Adams describes some of the mistakes she has made with money over the course of her life.  Adams details her regret about not starting to contribute to either a 401k or IRA at an earlier age and suggests people begin to fund these types of retirement accounts as soon as they are able to do so.  Adams also bemoans accumulating credit card debt that took years to pay off, overspending in boon times instead of saving the excess, and tapping her emergency account for non-emergent reasons and counsels people to avoid doing the same.  Adams also cautions against putting more money than a person can afford to lose in a risky investment.  Finally, Adams expresses her disappointment that she waited to start saving money instead of starting at an earlier age and advises people to begin saving as soon as possible to benefit from compounding interest.

Posted at Budgets Are Sexy