The largest cash errors individuals make, in line with monetary advisors

Try – fail – success.

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Who can go through life without making financial mistakes?

In fact, paperback matters are so personal that it can be difficult to definitively label a cash move as a bug.

Perhaps you wanted to go back to school and ran into too much debt in the process. It’s a battle to pay off, but you’re not exactly sure who you would be today without this training.

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You may have risked some of your safety in retirement to pursue your dream of owning a home, but when you watch your daughter read in the living room, no other way seems conceivable.

Many of our financial decisions lead to measurable and immeasurable rewards and consequences. And this chaotic reality can make it difficult to know what “the best” movements of money are.

To help with this, CNBC recently spoke to financial advisors about the most avoidable mistakes their customers make. Here are some of them.

Live beyond their means

It’s common for people to spend in ways that make them vulnerable across the board, said Barry Korb, a certified financial planner and president of Lighthouse Financial Planning in Potomac, Maryland.

Recently, Korb found it difficult to convince a retired couple to cut their overheads. A big expense was their house, which had a woodworking workshop. However, if the two continued to spend at their current rate, they would be blowing their $ 700,000 nest egg in less than five years.

“Nothing seems to encourage them not to step off the cliff,” he said.

He recommends people to be more patient and flexible with their wishes. “‘I need everything now’ is a recipe so I won’t have anything later,” said Korb.

Korb said defining and rethinking your goals over and over again can help you stay motivated.

Along the way, a number of budgeting apps, including simplifi and You Need a Budget, track your expenses and make it easier to keep track of them.

Ignore taxes

“Tax planning is an easy way to save money when you understand tax laws, and there are many ways you can do it,” said Brad Bobb, certified financial planner and owner of Bobb Financial in Springfield, Illinois.

Still, many people don’t think about taxes. They find the rules daunting or they don’t want to spend the time learning and understanding them, Bobb said.

If you are overwhelmed, there is an easy way to find out how your various investments and accounts are taxed. Bobb said, “It’s something the average person needs to educate themselves about for some time.” For example, a Roth IRA has different rules than a 401 (k) or brokerage account.

Some people will want to turn to a professional. You can always hire a consultant for a few hours and let him or her brief you on tax strategies and how to implement them.

Some of the most common ways to save money with taxes are charitable giving and tax loss reaping, where you sell lost assets to offset taxable capital gains.

Meanwhile, Bobb called the health savings accounts, which have pre-tax income that can later be used for certain medical expenses, as “the least-used retirement vehicle.”

Falling in love with a single stock

One of the biggest missteps, Cathy Curtis, a certified financial planner and founder and owner of Curtis Financial Planning in Oakland, Calif., Sees that her clients are too locked into an investment.

Sometimes a stock has been inherited by a family member, Curtis said, and the customer can’t bring himself to sell it.

“I see this a lot in California with stocks like Chevron, where a late spouse worked for the company and ran a lot of stocks,” Curtis said. “Apple also seems to be one of those stocks that nobody wants to sell.”

However, a large position in a stock or two can derail a person’s financial plans, Curtis said. To prove her point, she sometimes shows a client a list of once great stocks that no longer exist. (Some examples: Blockbuster, Kodak, Pets.com.)

“I try to help clients avoid this mistake by continuing to educate them about the wisdom of having a diversified portfolio,” said Curtis.

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