Money Mistakes 30-something-year-olds Make | Fox Business

If not, now is the time. Not paying attention to how your investments perform.You might have started your 401(k) with a very basic money market fund with the intention of learning about investing and doing a better job. Have you done that? Have you studied how your investments are performing and adjusted them based on your current goals and tolerance for risk? If you need help, now would be a great time to find a fee-only financial planner and see if you are on the right track. Neglecting your childrens education.If you have a child and intend to pay for at least part of their education, you need to start putting money away for college now. At the very least, start saving money in an online savings account until you fully researchcollege savings plans. Putting too much importance on your childrens education.You should save for your childrens college tuition but not at the expense of your own retirement.
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35 million Americans are making this big money mistake

Here’s how to tell whether you might be in this group and what to do about it if you are. The minimum requirements to have a credit score The most commonly used credit scoring model by far is the FICO score, so let’s look at the minimum requirements to have a FICO score. According to myFICO.com, to calculate a FICO score, you must have: At least one account that has been open for six months or more At least one undisputed account that has been reported to the credit bureaus within the past six months No indication on the credit report that you are deceased (Note: This happens accidentally more often than you may think) Many people without a credit score fall into one of two categories: younger adults or retirees. Young people who don’t yet have a credit card or haven’t yet taken out a car loan or mortgage usually won’t have enough information on their credit reports to calculate a score. On the other end of the spectrum, many retirees have paid off their mortgage and car and don’t use credit cards, so once six months has passed since an open account has been reported, FICO’s ability to score them disappears, even if they have an excellent credit history. Courtney Keating/Getty Images A person looks up their credit score online. Of course, being unscorable isn’t limited to retirees and young people. Anyone who avoids debt is likely not to have a credit score, so if you aren’t sure whether you meet the minimum scoring criteria, it could be worth looking into. Why you need a credit score Even if you avoid debt and have no intentions of borrowing money anytime soon, it’s still important to have a credit score. A credit score gives you the ability to borrow and determines your cost of borrowing.
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