9) Traveling Instead of Saving
Is it the case that you have spent your extra funds on vacations or traveling, rather than putting them away for retirement? Have you used your funds for fun, expecting to also be able to put money toward your retirement fund as well? It is very common for people to see the money left over as ‘play’ money rather than ‘retirement’ money. This can cause them to use it towards entertainment and other frivolous expenditures. If those are your priorities, than there is nothing necessarily wrong with traveling while you are young, provided that you either have enough extra funds for retirement or are okay with working at an older age. Both can be done on a modest salary, if only you plan and budget accordingly.