Financial Experts Reveal Their 10 Biggest Money Mistakes

Not contributing to your 401(k) plan

According to experts, an employee should contribute to their 401(k) plan because this is one of the most powerful tools to save for retirement and create a millionaire retiree. In addition, this is not as difficult as you think. 

“During my younger working years—and still in this industry—I wasn’t increasing my contribution to my 401(k) as I would receive bonuses or raises,” Meadows says. “Socking 4 percent of your income forever is simply not enough. I learned that my ability to get out of the race, and actually retire, required greater diligence on my part. The one advantage that 20-somethings have over 40-somethings is time. I wish I would have started escalating my contributions in my 20s. The last 15 years have been a catch up!”