4. Not having any financial goals: Most of the investors nowadays are aware of the importance of financial planning and savings. It is a common process.  Whenever you plan to set a financial goal, try to adjust the target with the time value of money. Inflation mostly takes away the value of money over a period. One who sets the financial goal based on current requirements and based on present value of money, they are sure to face money crunch in near future. It is always better to plan the future needs after adjusting the inflation regularly.

5. Not saving for retirement: Contributing for your retirement is a must thing to do. People think retirement is a phase that is too far but this is a wrong conception. You should start saving for your retirement when you start earning not when you find yourself in completely under debt situation. When you are in your twenties that is the best time when you can contribute more, which will help you in future. It has a longer period to grow and benefit you. You need to make sure you are making regular contributions to your retirement account. If you are yet not qualify for a 401(k) then you need to set up an IRA soon or at least open a bank account and start keeping money each month.

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