Money mistakes in your 40s

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The world can be an uncertain place, despite our best efforts to be fully informed.

That’s especially true when it comes to personal finance, just ask 46-year-old Kelley Drumm from Fairview Park.

“I really wasn’t saving very well when I was younger,” she told Call for Action Reporter Lorrie Taylor, as she looked back on her 20s.

Like a majority of Americans, Drumm took it for granted she had enough time to save when she was in her 20’s and she let it slide.

Once she turned 30 she began accumulating debt, which is another common money mistake for people of that age range. To make financial matters worse, Drumm was also laid off at one point and had no disposable income left to save.

“I really just did not save enough in my 20s and 30s, that I probably regret the most,” she said.

Drumm admits her biggest mistake, is the same error financial experts say most 40-somethings make, she tapped into her retirement funds to invest in something else.

She and her husband cashed in their 401K so he could start a business while being a stay-at-home dad.

“I know that’s going to have repercussions when we retire,” she admitted.

Some people second mortgage their homes to pay for their children’s educations, others buy bigger homes and stretch their new payments over 30 years to make the debt more affordable.

**For more information about learning to invest click here**

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