The 7 Biggest Money Mistakes 40-Somethings Make

Are you experiencing a midlife financial crisis?

We spend a lot of time thinking about our financial strategies at the beginning and end of our working lives -- how we'll stretch our first entry-level paychecks, what our retirement will look like, and so on. But we can loose focus when we hit our 40s and wind up coasting -- when we should still be actively strategizing.

If it's been a while since you re-evaluated your financial goals, look at this list of the seven biggest financial mistakes that 40-somethings fall prey to. If you're guilty of any, a course-correction may be in order.

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  Photo: Phillip Spears
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1. Blindly paying the mortgage

If you've been making mortgage payments for a while now, it may have become just another task you do automatically each month. But it's time to start thinking about your end game. When will your house officially be paid in full, and how will that date intersect with your other plans? Do you need to adjust anything to make your "mortgage freedom" date align with the rest of your life? For example: Do you want to have your house paid off by the time your kids leave for college? If so, start scrutinizing the timing, so you can figure out if you need to make extra payments.

Paula Pant ditched her 9-to-5 job in 2008. She's traveled to 30 countries, owns six rental units and runs a business from her laptop. Her blog, Afford Anything, is a gathering spot for rebels who refuse to say, "I can't afford it." Visit Afford Anything to learn how to shatter limits and live life on your own terms.