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10 Signs you need a financial makeover

Tiernan McKay is a freelance writer based in Denver, Colorado. Her writing has appeared in magazines such as Alive!, Occupational Health and Safety, Restaurants and Institutions, Tampa Bay and Arizona Woman. Right now, she is either ridi...

Money makeover

Whether due to a lack of education or a lack of money, many of us have given up on the idea of proactively managing money. Fortunately, you can turn your financial fate around, but the first step is acknowledging that you need help. Here are some clear-cut signs that a money makeover should be in your near future.

6You fear ending up poor, with no retirement fund, but take no real action.

Are you paralyzed by fear of an impoverished retirement? "Two-thirds of women will end up living in poverty as seniors," according to Kingsbury. "Stop buying Coach bags and Gucci accessories and start investing that money."

7You are first in line for the newest gadget.

Unless you are actively funding your retirement and savings accounts, you should probably not be upgrading your gadgets. "Ask yourself if you really need the upgrade," says Alan Haft, investment advisor with Kings Point Capital in Irvine, California, and author of You Can Never Be Too Rich. "Saving a little money over a long-term horizon will do wonders for your retirement."

8You've never worked with a financial planner.

You don't need a huge amount of capital to work with a financial advisor. "It's liberating to have someone help organize all of your finances, tell you where you stand today and what you need to do to get where you want to be," says Gelasia Steed, certified financial planner with Steed Investments in Fort Worth, Texas.

9You hide your financial documents.

Are you afraid to open your statements or bills? A member of the Smart Cookies, a nationally recognized group of five women brought together by past financial failures, used to hide her bills in the microwave. An unwillingness to face your financial reality should be a serious gut-check.

10Your credit score is below 650.

Do you even know your credit score? Theresa Reitz, author of The Money Tree: A Financial Book for Children, says, "Anything below 650 is out of the 'good' range and suggests you need a makeover of your finances."

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