Look Around Lubbock: Foolish money mistakes to avoid

Reported by: Brittany Price
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Updated: 4/02/2014 9:51 am
Think you're alone when it comes to financial faults? 

You've got plenty of company. 

"An overwhelming majority of people, over 80 percent, say their worst mistakes involved financial matters," Financial Professional, Dereck Blair said. 

Blair said those money mistakes depend a lot on age. 

For 20-somethings: dodge that student loan debt. 

"You really need to look for the financial aid and the scholarships. See what's out there, because those bills are going to add up later on," Blair said.  

Interest piles up, making it hard to get ahead. 

"A lot of the time students pay off student loan debt into retirement age," Blair said.  

Moving on to 30-year-olds, don't make the mistake of trying to keep up with the Joneses. 

"Everybody wants a bigger house, we're getting cheaper interest rates and the banks are qualifying people who shouldn't be qualified," Blair said.  

Blair calls it being "house poor." 

"They're wanting the bigger house that they just can't afford," Blair said.  

40-year-olds should divert the debt of credit cards. 

"With that 19 percent interest rate, if you have that on a card, that takes a long time to pay off if you're making that minimum amount," Blair said.  

Blair has advise for those in their 50's.

"We are raiding our retirement funds for our kids, sometimes for our parents," Blair said.  

That's a financial flame, sparking a vicious cycle. 

"If we're taking care of our parents out of our 401k, that means our kids are going to have to take care of us with their 401k," Blair said.  

For 60-year-olds a common cash trap is not maximizing social security. How and when you elect benefits can greatly impact how much money you'll receive. 
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