Financial Mistakes as a Young Adult

Many people make financial mistakes throughout their lives. It may be spending too much money on novelty items, racking up credit card debt or simply not saving enough. Making these mistakes is not the only way to learn valuable money lessons. You can also seek advice from mentors and professionals. Here are three real retirees and their life financial errors that affected their long-term life goals.

Rea Hunter from Saddle River, New Jersey neglected to invest in her 20s. She got her financial wake up call in her 20s after her father passed. After seeing her mother struggling during the time until her father’s will was probated, Hunter promised she would be more financially responsible and protect her own financial security. Hunter also says that she wishes she learned more about the stock market in order to make good investments to help in the long term.

Donald Dixon, a retired musician from New York City, spent more money than he had. He described his spending as spending money like a millionaire. Although he had a decent salary, he spent too much money on dates, sporting events and spoiling himself. Dixon finally got his wake up call and started to contribute 6 percent of his paycheck to a 401(k) in his 30s. Had he prioritized his saving earlier, he would have had a huge amount of savings instead of the moderate one he has today.

Drew Deininger, a retired airline customer from Sarasota, Florida, invested in an opportunity without doing proper research. The opportunity was to purchase investment shares in a company that sold antiques. His return was estimated at 25 percent, but he ended up losing $20,000. Instead of investing in antiques, Deininger wishes he had invested more money in his house renovation in Rhode Island.

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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