7 Net-worth killers

Saving and spending aren't the only factors affecting your net worth. How you manage (or don't manage) your assets and liabilities can make a big difference, too.

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15 yr fixed mtg 3.79%
30 yr fixed jumbo mtg 5.33%
5/1 ARM 3.31%
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7. Letting your debt lie
If you've got debt that you can't pay off in full, you may end up paying more than you have to if you just assume that there's nothing you can do about it.

In fact, you might be able to reduce what you owe if you keep an eye out for lower rates that may be available to you.

If you got an adjustable-rate mortgage at a low teaser rate in the past couple of years and it's scheduled to reset to a much higher rate, now may be the time to consider getting a fixed rate mortgage.

If you've got credit card debt, transferring your balance to a lower rate card can save you money ... if you do it right. Make sure that there's not an onerous balance-transfer fee; and if there's not, move the balance to another card but be sure to pay it off before the low rate expires.

Also, to avoid lowering your credit score, don't close the higher-rate account after you transfer your balance out of it. If you do, you'll lower your total credit limit, and that will negatively affect your debt-to-credit-limit ratio.


Ignoring your money

Buying too much house

Driving too much car

Paying the IRS, not yourself

Always getting what you want

Letting your assets linger

Letting your debt lie
Save early. Save often. And don't make these gaffes. (more)
You don't have to spend a lot of time to put your financial house in order. (more)

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.