{"id":1441,"date":"2025-07-17T01:01:14","date_gmt":"2025-07-17T01:01:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/1441\/"},"modified":"2025-07-17T01:01:14","modified_gmt":"2025-07-17T01:01:14","slug":"5-popular-money-goals-that-are-terrible-for-your-finances","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/1441\/","title":{"rendered":"5 Popular Money Goals That Are Terrible For Your Finances"},"content":{"rendered":"\n

When it comes to money<\/a> goals, some sound so good they practically sell themselves \u2014 Buy a house as soon as possible! Save $10,000 this year! Quit your job and work for yourself!<\/p>\n

Learn More: 3 Signs You\u2019ve \u2018Made It\u2019 Financially, According to Financial Influencer Genesis Hinckley<\/a><\/p>\n

Consider This: 25 Places To Buy a Home If You Want It To Gain Value<\/a><\/p>\n

But just because a goal is popular doesn\u2019t mean it\u2019s actually good for your financial health. In fact, some of the most common money milestones people chase can quietly sabotage your savings, stress levels and long-term success.<\/p>\n

Here\u2019s a break down of a few of these well-intentioned but misguided financial goals \u2014 and what to do instead<\/a>.<\/p>\n

This is a common goal, but it can backfire if you\u2019re draining emergency savings or neglecting retirement contributions to do it, said Christopher Migliaccio, lawyer and founder of Warren and Migliaccio L.L.P<\/a>, who frequently deals with debt defense and bankruptcy.<\/p>\n

\u201cOnce that cash is locked in your home, it\u2019s no longer liquid or easily accessible,\u201d Migliaccio added.<\/p>\n

Instead, he advised focusing on building a robust emergency fund<\/a> and maxing out retirement accounts first.\u00a0Consider making small extra payments toward principal, but only after your other priorities are secure.<\/p>\n

Read Next: I\u2019m a Financial Advisor \u2014 My Wealthiest Clients All Do These 3 Things<\/a><\/p>\n

Many people set vague goals like \u201cdoubling their money in five years,\u201d pushing them into speculative stocks or crypto.\u00a0But Migliaccio said that often leads to losses and regret<\/a>.<\/p>\n

Instead, opt for anchoring your investment plan to specific, realistic goals like funding a child\u2019s education or retirement, with diversified, long-term investments.<\/p>\n

\u201cSlow, steady returns win the race,\u201d Migliaccio said.<\/p>\n

According to the Consumer Financial Protection Bureau<\/a>, a long credit history will help your score \u2014 so it\u2019s important to be working on it.<\/p>\n

Some people aggressively avoid all debt, including responsible credit usage, which leaves them with thin credit files and low credit scores.<\/p>\n

\u201cThis can actually make it harder to qualify for affordable mortgages or insurance later,\u201d said Migliaccio.<\/p>\n

His advice? Maintain at least one active, low-utilization credit card to build credit history responsibly<\/a>.<\/p>\n

\u201cBuying instead of renting\u201d is often glorified as the ultimate money goal.<\/p>\n

However, Migliaccio said rushing into homeownership before you\u2019re financially prepared, especially without adequate savings for repairs or closing costs, can lead to foreclosure or financial strain.<\/p>\n

The better option: Ensure you have three to six months of living expenses saved after your down payment, and fully understand all hidden homeownership costs<\/a> before purchasing.<\/p>\n

According to Migliaccio, many pursue the dream of \u201cmonetizing their passion\u201d prematurely, quitting stable jobs without a clear plan.<\/p>\n

This, however, can create severe financial instability if the side hustle fails<\/a> to generate steady income.<\/p>\n

\u201cTest the waters, slowly grow your side business alongside your main income, and set clear financial benchmarks before transitioning,\u201d he advised.<\/p>\n

More From GOBankingRates<\/p>\n

This article originally appeared on GOBankingRates.com<\/a>: 5 Popular Money Goals That Are Terrible For Your Finances<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"When it comes to money goals, some sound so good they practically sell themselves \u2014 Buy a house…\n","protected":false},"author":2,"featured_media":1442,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,2066,133,2067,131,132],"class_list":["post-1441","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-ca","tag-canada","tag-christopher-migliaccio","tag-finance","tag-migliaccio","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/1441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=1441"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/1441\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/1442"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=1441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=1441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=1441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}