The best way to start is to educate yourself and get rid of any foolish financial misconceptions. Ginita Wall, advisor to the GE Center for Financial Learning ( www.financiallearning.com ) has compiled a list of some of the most common "foolish ideas" that can be dispelled through financial education.

Check the list below -- are you making any of these foolish mistakes?

1. I don't need to pay attention to my 401(k) as long as I contribute something, since someone else is managing it.

As the debacles at several high profile companies show, you can't leave your 401(k) on automatic pilot. You need to look at your own financial/life goals and risk tolerance, and develop a savings and retirement plan that will help you meet those goals without keeping you up at night.

2. My spouse or kids will provide for my long term care needs.

According to recent research conducted by the GE Center for Financial Learning, 59 percent of women over the age of 65 won't have a spouse to take care of them due to divorce, widowhood or increased longevity. Taking into account your long term care needs is an essential part of your retirement planning.

3. I can't afford to save enough money to buy a house.

Additional GE Center for Financial Learning research showed 38 percent of consumers admit they would rather spend money on personal indulgences than save money. Keep track of where your money goes and plunk the excess into savings for that special purpose -- college savings, a home and retirement.

4. I can carry debt as long as I make the minimum payment each month.

If you love being in debt, this plan is for you. To better manage credit card debt, pay the new charges and the finance fees each month, plus $25 to $150 extra.

5. I don't have to start saving for retirement until I'm at least 40.

If you save diligently from age 20 to 40, you may be able to retire early. Or at least take time off from work (and saving) and enjoy yourself.

6. My future spouse is on top of things with the bills and taxes so I don't need to bother with educating myself.

Your spouse-to-be may not be as financially savvy as you think, so the more you know, the better a mate you'll be, and the better you'll be able to take care of yourself and your family.

Web sites, such as the GE Center for Financial Learning ( www.financiallearning.com ) can help you and your future family let go of these financial misconceptions through a variety of tools and educational resources. But however you do it, make a point to begin educating yourself about good financial habits -- it's never too early or too late to let go of foolish habits and get started on the road to financial fitness!

Courtesy of ARA Content