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


1st Mistake: Not Having Enough (or Any!) Insurance
NEA Member Insurance Trust has plenty of life insurance solutions:
NEA Complimentary Life at no cost to you

  • $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 Choosing the Right Credit Card
Find the one that fits your spending habits

  • Ask yourself if you want to maximize your rewards with everyday purchases or if you use your card for large or unexpected expenses and are looking for a lower rate card
  • Spend responsibly within your budget and make your payments on time
  • Look to transfer balances from higher rate cards to lower rate cards to save on interest
  • Understand the options available including NEA® Customized Cash Rewards Visa Signature®  or RateSmart® credit cards

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

  • Rent/Mortgage
  • Utilities
  • Phones
  • Prescriptions

Need an option to help save? NEA has you covered:

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.

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.


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.


Life insurance solutions exclusively for members like you