Don't keep all your money in a regular savings account
One of the worst things you can do with your money is hoard it. AWe've all made mistakes with our money. While some are knowingly reckless — say, an expensive night at the casino or going into debt to buy a fancy car you can't quite afford — others are less obvious.
For instance, not getting a credit card because you're scared of overspending and ending up in debt sounds like a responsible move — until you want to buy a car or a house and have no credit to back you up. Below, Business Insider breaks down a handful of bad money moves to avoid that may feel smart at the time.There may come a time when you consider cashing out part of your 401 for a short-term goal that feels more pressing than retirement — like buying your dream house or paying off lingering credit card debt.but the rules are far different
than a traditional savings account. To start, money pulled out before age 59 and a half is subject to an early withdrawal penalty and will be taxed as regular income (you can calculate the specific cost of early withdrawal using a tool
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