By Dean Baker

Did an Excel error cost you your job? This is what people around the world should be asking after researchers at the University of Massachusetts uncovered a serious calculation mistake. The mistake was in an enormously influential paper by Carmen Reinhart and Ken Rogoff, two prominent economists, which purports to show that high levels of government debt lead to slow economic growth.

This paper has been widely cited by political figures around the world who have been pushing the case for cutting back government spending and raising taxes. House Budget Committee Chairman Paul Ryan famously cited Reinhart and Rogoff when he laid out his budget earlier this year. So have many of the politicians now pushing for cuts in Social Security and Medicare.

Reinhart and Rogoff’s work has had an extraordinary impact for an academic paper. This is why the calculation error is so important. When the error is corrected, the relationship between debt levels and economic growth is far less

Financial blunders are made all the time and everywhere – at the grocery store, at the bank, in the housing market, in the stock market, with your children’s allowance. Some stem from a lack of knowledge or awareness, while others are the result of human behavior that often works against our own best interests. The worst mistakes you can make, though, usually involve those that seem harmless but end up impacting your overall wealth.

We spoke with financial advisers about the worst financial slip-ups people make and how much they can cost you. No doubt the opportunities to mishandle your money are endless, and this list is by no means exhaustive. But here are some money moves you should strive to steer clear of.

1. Spending an unexpected windfall. All of it.

Two-thirds of baby boomer households will likely receive some inheritance, with a median amount of $64,000, for a total prospective inherited amount of $8.4 trillion, according to research published in 2011 by the Center for