Habits that keep you broke - KCTV5

Habits that keep you broke

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(CNN/Meredith) – Trying to boost your net worth? You may want to examine some of the habits that could be keeping you broke. Money Magazine says there are five habits that can hurt you. One is not banking any raises you receive.

If you're getting a pay hike of 3% annually, try passing it right along into your 401k to help build that nest egg.

And do what you can to not pay interest on loans for depreciating assets such as cars. If possible, pay cash for a reliable used car and invest the savings. Also, make sure you're not relying solely on social security to live during retirement. It's most likely going to be far too little income.

And speaking of retirement, don't delay saving for it.

While you're at it, keep an eye on the fees tied to your 401k. Most people have no idea that their plans cost, or what fees they pay.

And check up on your investments to make sure you have the right asset mix. You'll want to rebalance that portfolio periodically.

For more, check out the article on five bad habits that are keeping you broke at time.com/money.

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