Your 401(k) is one of your most powerful tools to escape the rat race and reach financial independence. But like any tool, using it correctly makes a big difference. Even smart savers sometimes miss out on thousands of dollars (and years of growth) because of a few small mistakes. Here are 10 common 401(k) mistakes  — and how to make sure you’re getting the most out of your plan. NOT UNDERSTANDING YOUR 401(k) TYPE When 401(k)s were first introduced, there was only one type. Y

Did you know that only 50% of Americans are considered financially literate? If you’ve been out of school for a while, 50% would be a solid F grade. Yikes! This statistic isn’t a one-time fluke either. According to an annual study by the Global Financial Literacy Center , this average has held steady over eight years, from 2017 to 2024. Globally, the picture doesn’t get better. A survey of 150,000 adults in over 140 countries determined that only 33% of adults are financiall