Avoid These 5 Money Mistakes

Avoid These 5 Money Mistakes - Evaluate your finances and form a plan for success.

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by NEA Member Benefits

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1st Mistake: Not Having Enough (or Any!) Insurance
NEA Member Insurance Trust has plenty of life insurance solutions:
No-Cost NEA Complimentary Life

  • Up to $1,000 Term Life coverage
  • Up to $5,000 Accidental Death & Dismemberment (AD&D) coverage
  • Up to $50,000 AD&D coverage for covered accidents on the job
  • Up to $150,000 in life insurance for unlawful homicide on the job

And remember to name a beneficiary for your policy.

Coverage is issued by the Prudential Insurance Company of America.

In addition there are other great supplemental options from NEA:

2nd Mistake: Not Planning for Life After You
Arrange for an authenticated will, trust, and estate-planning with a professional.

  • Be sure to name beneficiaries for your insurance coverage and retirement accounts
  • Include their name, Social Security Number, and the allotment you’re leaving them

3rd Mistake: Not Paying Off Each Month’s Credit Card Balance
Paying off your balance can cut down on exorbitant interest rates.

  • Some cards’ interest rates can be as high as 15% on your balance
  • Think of your credit card as a 30-day loan
  • Keep track of spending within your means and budget

4th Mistake: Not Having an Emergency Fund
Set aside at least 3-6 months of living expenses.

  • Rent/Mortgage
  • Utilities
  • Phones
  • Prescriptions

Need options to help save? NEA has you covered:

PLUS: An exclusive bonus for NEA members for each new account type opened each year.

5th Mistake: Getting a Late Start on Retirement Savings
A little savings can add up in a big way over time. The earlier you start, the better.
With a 6% return compounded annually…

  • Age 22: $4,000/yr saved
    Can yield up to $656,272 over time
  • Age 32: $4,000/yr saved
    Only up to $335,241 over time

Save a percentage of your income

  • You won’t have to adjust as income increases
  • Can help you better maintain your way of life

Check out our retirement calculator and see where you stand.


NEA Life Insurance coverages are issued by The Prudential Insurance Company of America, Newark, NJ. The Booklet-Certificate contains all details, including any exclusions, limitations and restrictions, which may apply. Contract Series: 83500. CA COA# 1179. NAIC# 68241.

AD&D coverage provides ACCIDENT insurance only. It does NOT provide basic hospital, basic medical or major medical insurance as defined by the New York State Department of Financial Services.

IMPORTANT NOTICE — THIS POLICY DOES NOT PROVIDE COVERAGE FOR SICKNESS.

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Life insurance solutions exclusively for members like you