The top reasons people fail with money

Link: The top reasons people fail with money

Aggregated and Condensed version of the List follows below:

Why People Fail With Money

Six financial planners and portfolio managers list their top reasons why people struggle with their finances.

1. Not having or updating/reviewing a financial plan, not paying yourself first, starting too late to save and invest, not setting up a sufficient automatic savings plan and then leaving it to run, hoping things will take care of themselves, spending first and trusting there will be money left to save (10)
2. Divorce, impulsively changing course on your finances, getting too emotional, following the herd on fear-greed market swings (4)
3. Reaching for yield and risking capital plus taking too much risk early on; relying on get-rich-quick investment strategies (2)
4. Big house, big car, ‘essentials’ like four cellphones per household, over-enjoying vacations and toys (2)
5. Going into debt early in life (ie. poor investment strategy from age 20 to 40), spending the rest of your life trying to catch up (2)
6. Not minimizing or avoiding unnecessary fees across your banking, investing, and borrowing; investments over/under diversified, not monitored or rebalanced; use of high-cost mutual funds (2)
7. Suboptimal education and skill set; being too intimidated to ask questions about money (2)
8. Not having sufficient insurance or savings for sudden death or life surprises (2)
9. Retiring too early with not enough resources, having large debt payments in later life or retirement (2)
10. Judging affordability by what friends seem to be able to afford

Please Note: I might have miscounted when taking 30 bullet points and making 10 categories.  I think I’m short by 1 when I did a Check-Sum 🙁