Fox’s Charles Payne on the Common Mistake That Could Derail Your Retirement
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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Charles Payne is the host of Fox Business’ “Making Money With Charles Payne.” He is also a frequent guest on “Your World With Neil Cavuto” and author of the books “Be Smart, Act Fast, Get Rich” and “Unstoppable Prosperity.”
Recognized by GOBankingRates as a Top Money Expert, here he shares why overspending now will hurt you in retirement and why it’s important to always be learning and evolving when it comes to finances.
Want to vote for Charles as your favorite money expert? Click here and go to his expert page.
What’s the one piece of money advice you wish everyone would follow?
Find ways to let your money work for you. It requires sacrifice and knowledge — most will be learned in real-time no matter how great the books you read. Life is long, life is short. It’s very long and difficult when you are older and have trouble paying basic bills. The big thing about getting caught up in YOLO and FOMO is the fun you have now could be multiplied by many factors. Today’s trip on a tight budget to a local island could be tomorrow’s cruise around the world.
What’s the most important thing to do to build wealth?
Always be a student. There are twists and turns to life and what works today might not tomorrow — the one constant is staying at it and being open-minded.
What’s your best tip for fighting the impacts of inflation?
Sacrifice. It’s amazing to see companies from fast food restaurants to cereal makers still jacking up prices when there are alternatives. If you are willing to give away your cash, it will fly the coop fast. Hunker down and ride it out. From an investing point of view, don’t stop but don’t overpay.
What’s the biggest mistake people make when it comes to money?
Not keeping track is a huge mistake. Not understanding how much they spend and not having a game plan are the biggest mistakes.
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Jaime Catmull contributed to the reporting for this article.
