Biggest mistakes Millennials make with their money:
1. Googling for answers to financial questions. There's a lot of bad advice that has great search engine optimization (SEO)
2. Not paying off debts in the optimal order. Paying off the highest-interest rate, non-deductible debt is usually best, but sometimes it pays to pay down a smaller loan so you can then throw a larger amount at the next one on the list.
3. Not taking full advantage of the benefits offered by your employer. A 401k or other qualified tax-deferred retirement account is a great choice. But, so if a Roth 401k and a regular Roth IRA.
4. Trading convenience for savings. Take-out is so easy. So is Uber and Lyft. But spending $100 on Uber and Lyft over a weekend, every weekend, adds up quickly.
5. Not being willing to sacrifice short-term experiences for long-term gratification. FOMO is pretty powerful, but sometimes you have to say no, especially if it means you'll be racking up debt on your credit cards.
- Ilyce Glink, CEO, Best Money Moves and award-winning syndicated financial columnist.