The good news is that you can learn from the examples of others when it comes to how to avoid certain common mistakes that first time commercial real estate investors tend to make. Here are five of them.

They don’t make a budget. Although a lot of people don’t like to think about it, investing brings with it quite a bit of risk and so it’s not a good idea to be spontaneous when it comes to the amount of money that you will put into any one project. Therefore, make a decision to decide beforehand regarding how much you are willing to spend, whether that’s in actual dollar amounts or a percentage.

They don’t seek wise counsel. There’s a Proverb that states there is safety in wise counsel. This would definitely apply to real estate investments. All of the passion and research in the world will not compensate for having a tax strategist, an attorney (one that specializes in real estate investments) and a couple of mentors on board to assist you in deciding what to do and what to avoid.

They don’t properly insure their property. In other words, they underinsure it. If you have a rental property, it’s a top priority that you make sure that your insurance policy covers full replacement, liability and rental coverage. We’ve all seen commercials about the oftentimes unforeseen drama that comes to purchasing cut-rate insurance. You never know what the future holds. Make sure you purchase an insurance policy with that frame of mind.

They don’t have a “reserve fund”. A huge mistake that a lot of first-time real estate investors make is that they don’t have some money saved up for any incurring expenses that may take place with their property within that first year. If there is (another) shift in the market or you’re unable to rent the property out and yet there’s money needed to maintain the place, you need to not go into debt when it comes to finding a viable financial solution. Therefore, make sure you have a reserve fund set in place specifically for this circumstance.

They allow fear (or overanalyzing) to keep them from making a decision. There are some people in a fixed rate remortgage that made a financial choice that was best for them at the time, but they might end up feeling stuck now. And is there a feeling that’s worse than that? You know, wanting to make a decision and feeling like you can’t? This is also an area where a lot of investors mess up. They (for instance) look at a property that they like, run the numbers and see that it’s feasible and yet they still don’t make a move because they keep trying to weigh out all potentially threatening possibilities. If you’ve taken conscious steps and made the concerted effort to avoid the previous four mistakes in this article, then don’t allow fear to paralyze you. Yes, with investments, there are always risks, but with wise investments, more times than not, there are also big rewards.

One of the easiest ways to track your many accounts is to consolidate them. Although nearly every plan will be subject to its own particular rules and restrictions, all can be rolled into new accounts when you are no longer employed by the company that holds them in trust for you. So any time you switch jobs you should think about merging your old 401K funds with your current account. Of course, if you’re interested in earning the most money on your money, you might want to look into the amount of interest being earned on each account. In many cases you can leave retirement funds sitting in their original account for several months or years (or even indefinitely) after your employment with a company has ended. And if those funds are earning more than your current account you should certainly keep them where they are. But that does mean you have to track multiple accounts.

Luckily, companies that manage investment accounts are required by law to keep you apprised of progress and changes to your account, and they generally do this through monthly or quarterly statements, along with an end-of-year report for tax purposes. Some send paper statements and some do this electronically. Either way you should keep dedicated files for each account (in your physical file drawer or on your personal computer). Do not store these files at work or in work accounts as you could lose them when you leave a company. Make sure that correspondence is sent to your home or your personal email account.

Unfortunately, things can get lost in the shuffle anyway, what with switching jobs, moving to new homes and new cities, and so forth. So if you have lost track of any of your accounts you may despair of ever seeing that money again. But there are ways hunt it down and move it over even after years. One option is to call the companies you formerly worked for and get their accounting department to locate and send you the information. If that doesn’t work out you can use government resources like the Abandoned Plan search provided by the Department of Labor or services provided by the Pension Rights Center. It may not be quite as simple as ordering inexpensive checks online, but you don’t have to give up on finding your retirement funds just because they’ve gotten lost in the shuffle. You worked hard for that money, so don’t let complacency get the best of you now.

Unfortunately, there are many people who lose their retirement money. It’s not from gambling or even poor spending habits; it’s from getting involved in a scam. Do you want to know how to protect yourself from being a victim? Keep reading.

Beware of the “free lunch”. According to a recent article in U.S. News and World Report, one of the latest scams aimed directly at retirees is called the “Free lunch scam”. These are introduced to people by an ad that promises an opportunity to make a high profit with a low risk and there’s even a free lunch thrown into the deal. These individuals are told that they have to do is roll their 401K over to the broker that made the presentation. Once they do, the money ends up disappearing over time and according to the broker, it was due to the unpredictable stock market when the real reality is that the broker pocketed most of the cash.

Avoid online scams. Another way that a lot of people end up being taken advantage of is by scams that happen online. Therefore, when it comes to interacting in cyberspace with commerce or otherwise, make sure you are on a secure network, don’t do business with poorly constructed websites, avoid clicking on hyperlinks that are featured in emails, don’t share your Social Security number, make sure you have a really strong password and use your credit card as much as possible; this is because most credit card companies come with their own type of fraud insurance. And speaking of insurance and protecting yourself, while there are “businesses” that are out there to scam you, another way that you can end up losing retirement money is by an unfortunate situation happening as it relates to you if you’re a small business owner. Matter of fact, any business owner that provides a service, even when it comes to an opinion or recommendation, can be at risk for a lawsuit. So, if you don’t already have business insurance, make sure to visit PublicLiabilityInsurance.org – Business Information for some business liability insurance quotes.

Ask until you’re sure. Sometimes people are taken advantage of because the people that are out to rip them off has a lot to say while trying to keep them from asking questions for clarification’s sake in the process. If there is a potential investment that appeals to you, request the person’s accreditation (degrees, licenses, certifications) and references; don’t allow them to rush you into anything you’re not ready for by using the “You’ll miss out if you don’t get involved now” or “Trust me, everyone is getting on board with this” pitch and be extremely cautious about the get-quick-overnight concepts. No one gets rich overnight but someone who wins the lottery and most of us know that is a one in a multi-million dollar shot. You worked hard for your money, work even harder to hold onto it.

So, if you’re looking for an antique table or a vintage dress, an estate sale may have exactly what you are looking for. Here are some tips on how to look and purchase wisely.

Research the location of the sale. This isn’t meant to be snobbish because Oprah has shown us plenty of times when people had things in their homes, even on what’s considered to be the low-income sides of town, that proved to be worth hundreds of thousands of dollars! However, those instances are more often the exception and not the rule. Therefore, the first thing you should do is go through the newspaper or on Craigslist to see when the next estate sale is coming up and where the home is located. If it’s in a more traditionally lucrative side of town or the home is described as having 10 bedrooms or as being a mansion, well, at the very least, that gives you more options to choose from.

Take an expert with you. Now, this isn’t something that everyone can do, but if you have a friend who works in an antique mall or one that is a jeweler or even someone who has a good eye for vintage pieces, you might want to invite them along. Sure, they may want to purchase a couple of items, but the bigger selling point is that they’ll be able to serve as a second pair of eyes for you when you see something that catches your attention. (If they can’t come, ask if they’d be willing to have you send a couple of pictures from your cell phone.) If you want to purchase something to sell it later, they may be able to let you know if it’s worth the time, energy and financial investment.

Window shop first. The great (and stressless) thing about an estate sale is that you are able to walk through the entire home (attic, basement and garage included) to see what peaks your interest. So, don’t feel like you have to hurry up and get the first thing that you see. Walk through the home a couple of times, think about what continues to attract your attention and then make your moves towards a purchase.

Remember that the house is not staged. You might think to look for a jewelry box, but you may not think to look at the rugs that you’re walking on or the curtains that are hanging up in the dining room. Whether you’re searching for items to keep for yourself or to resell, don’t assume that there’s only lasting value in obvious items like gemstones. You may have been to several New York garage sales, but don’t treat an estate sale in the same way. Look for anything that you’d like to have and if there’s not a price attached to it, don’t be afraid to make an offer.

If you want to negotiate, the second day is easier. Due to their magnitude, sometimes estate sales will last a weekend or even several days; there are also instances when companies will have a liquidation and call it an estate sale. In both cases, on the first day of the sale, you can pretty much bet that the asking price on the items was a well thought out one and the sellers are probably not going to rush to budge off of it. Into the latter part of the second day, there tends to be more room for negotiations. So, if you’re looking for the cream of the crop, you might want to be at an estate sale on the first day right when the doors open. But if you’re looking to get a couple of great pieces for a discounted price, don’t be in a rush. They have an entire estate’s worth of things to get rid of, remember? There’s time.

So, now that you have a reason to do a bit of “free money digging”, here are the tools that will ensure that you won’t be pinning away for fool’s (tuition) gold, but for the real thing.

Look up scholarships. Even if your child is still in elementary school, that doesn’t make this a fruitless effort. The fact is that millions of dollars are overlooked every year simply because people don’t make the time to research what scholarship monies are available. Sure, there are some that are only merit based and so obviously when it comes to high school transcripts, your son or daughter will need to be teenagers in order to apply for academic scholarships. But there are also those that are given to people based on their gender, their race, their religious affiliation and even where they live. And many of these scholarships have been around for decades, so there’s a good chance that they’ll exist for a couple of more. In other words, no matter what your child’s age may be, look some up. It’s definitely not a waste of time to find potential college funding.

Find some grants. The great thing about grants is that while scholarships are usually merit based, grants are not. Grants are financial awards given for the pursuit of college education or business development. There are various kinds of grants. A Pell grant ranges from $400-4050 and is given to students in the greatest (documented) financial need. A grant that is similar in nature is the Federal Supplement Educational Opportunity Grant which offers grant awards ranging between $100-4,000 annually. State grants are monies that are given, also to students who have a really challenging time paying for their tuition, but they must live in the state for which they are applying. Institutional grants are grants given by the college or university themselves. It is money that’s offered to compensate for what financial aid may not be able to cover on its own.

Get with the UPromise program. Are you familiar with UPromise.com? It’s a program that gives money to its members through the spending that they do via the participating online stores, restaurants, drug and grocery stores that are affiliated with UPromise. The varying percentages that you get back from your purchases goes into a UPromise account that you are able to withdraw from once your child is enrolled in a college or university.

Do some community service. It probably depends on how you look at community service when it comes to deciding if this is actually a “free money option” or not, but there are organizations like Peace Corps and Americorps that will give your child about a year’s worth of tuition in exchange for a year’s worth of service within their community or abroad. These commitments must be completed beforehand (you can apply for undergrad or even to help pay for a masters program), but there are a variety of ways to serve and you’re considered to be a member of their team indefinitely following an accepted application.

Do your research. Money For College Project.com is a website that is devoted to providing parents will innovative ways to pay for their child’s education. Indeed, when it comes to finding additional funds, there are a lot of avenues just like that one. Check with your church and place of employment to see if there are scholarships or fellowships available. Definitely encourage your child to speak with their guidance counselor if they’re of high school age. Sometimes, there’s a temptation to think that certain things—like free money for school—do not exist, but it’s all about being patient, diligent and seeking until you find it.

Emma Martin is a freelance writer who covers education (click here) and personal finance.