Six Common Mistakes Where People Leave Money on the Table

I have worked with very wealthy people and very poor people and one of the dividing lines that makes the difference is that wealthy people take the time to save a dime. The most precious resource that we have is time. And everyday we make decisions about how we want to spend our time and our money. We also have to live with the consequences of those decisions. Here are six common mistakes where people leave money on the table when they don't take the time.

1. When we don't take the time to find all of our receipts for our tax preparer, we leave money on the table. (No deductions equals no tax savings.)

2. When we don't take the time to shop for the proper mortgage, we leave money on the table. (Saving a quarter percent could possibly save you $6,000 on a $400,000 loan)

3. When we don't understand our 401K and fail to make tax deferred contributions, we leave money on the table. (Less earnings get taxed so we get more back).

4. When we don't take the time to read that insurance policy we own and disaster strikes, we leave money on the table. (No coverage means more out of pocket costs.)

5. When we don't take that bonus or refund check and add it to our retirement plan, we leave money on the table. (Not enough retirement funds equals a future lower standard of living.)

6. When we get the wrong kind of credit card because we don't take the time to read the fine print, we leave money on the table. (Higher interest means more cash out of your pocket.)

Stop making excuses for not having the time, and take advantage of using your time to increase your wealth. Wealth accumulation starts with simple steps.

Take the time- it's worth it!