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Top Five Mistakes Men Make With Their Money

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2. Not paying off the mortgage early.

Men tend to hate this idea. They love leverage, especially when it comes with a nice tax break from Uncle Sam. At the same time, most women will tell you the one security blanket that would make them feel safest is knowing they would always have a home to live in.

An alarming 46 percent of women respondents to a recent survey sponsored by Allianz Life Insurance Company of North America said that the prospect of becoming a "bag lady" weighs heavily on them. Women view their home as shelter; men view it as a tax shelter. So who's right?

Well, if you're living in a home you intend to stay in and are at least 50, I think paying off the mortgage early is one of the smartest moves you can make. For security, plain and simple.

Yes, you give up the tax break of being able to deduct the mortgage interest, but you also give up the responsibility of making a monthly mortgage payment. That's a huge weight off your financial shoulders in retirement.

My advice if you are 50 or over is to scale back on your 401(k) contributions so you invest just enough to get your company match. Then use the extra money that will show up in your paycheck -- yes, even after the fact that it's taxed -- to accelerate your mortgage payments.

Will you end up with less in your 401(k)? Of course, but you'll need a lot less because you won't be stuck paying your mortgage once you retire.

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