Taxes are the part everyone forgets about. Whatever you're planning, factor in what you'll owe Uncle Sam. Talk to an accountant — a good one saves you more than they charge. H&R Block is fine for simple stuff but get a real CPA if it's complicated.

Talk to a fee-only financial advisor, not one who earns commissions on products they sell you. The commission-based advisors have an incentive to recommend products that benefit them, not you. A fee-only advisor charges a flat rate.

Make a budget and actually stick to it. Boring advice, I know, but it works. The envelope method helped my family — cash in labeled envelopes for groceries, gas, fun money. When the envelope is empty, you're done spending in that category.

Get a free copy of your credit report once a year from annualcreditreport.com — the real free one, not those 'free' sites with monthly fees. Check it for errors. Mistakes on credit reports are way more common than people realize.

My parents told me the same thing and they were right. But everyone's situation is different. Run the numbers for your specific situation before making a decision. There are good calculators online that account for all the variables.

The biggest financial mistake I see people make is not having an emergency fund. Before investing, before paying extra on debt, save 3-6 months of expenses in a savings account. This protects you from going into debt when unexpected things happen.