MoneyLionSun, April 12, 2026 at 8:30 PM UTC

In a recent video, financial advisor and influencer Humphrey Yang broke down the most common financial mistakes people make at every stage of life — from their 20s through their 60s.

Here’s a closer look at those costly missteps.

Financial Mistakes in Your 20s

  • Not investing early enough to accrue wealth.

  • Not establishing a credit history or score.

  • Buying a new car when you don’t need it or cannot afford it.

  • Moving out of your parents’ home too soon without savings.

  • Not creating any form of a budget.

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Financial Mistakes in Your 30s

  • Overspending on a wedding that is too expensive.

  • Buying a house that is too big for your needs.

  • Becoming too comfortable with debt.

  • Lifestyle creep grows to be unmanageable.

Financial Mistakes in Your 40s

  • Not saving or contributing to a retirement plan.

  • Not setting up an estate plan.

  • Being not insured or underinsured.

  • Reckless spending and overspending on “wants” over “needs.”

  • Chasing investment shortcuts to catch up on lost time.

Financial Mistakes in Your 50s

  • Early withdrawal of funds for retirement.

  • Carrying large amounts of high-interest debt.

  • Brushing aside catch-up contributions to a portfolio.

Financial Mistakes in Your 60s

  • No strategy for withdrawal into retirement.

  • Not withdrawing enough money during retirement.

  • Opting in too early for Social Security payments.

  • Lacking a clear vision for retirement.

  • Not charting out a healthcare plan.

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.

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