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CBSMoneyWatch: The 7 Deadly Financial Mistakes

7. Not asking for help.

There are plenty of people who can manage their own financial lives, but there are also many cases where hiring a pro makes sense. Make sure that you know what services you are paying for and how your advisor is compensated. For example, if an advisor is paid on commission, that means he has an incentive to sell you one product over another, regardless of whether it's in your best interest. Better to hire a fee-only advisor who adheres to the fiduciary standard, meaning he is required to act in your best interest. Hey, I've heard that even in Lake Wobegon, the average financial mistake can cost you $23,000!


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5 Social Security Myths that Have to Go
10 Questions to Ask a Financial Advisor
How to Negotiate the Cost of Anything

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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