Stop sabotaging your financial plan by avoiding these 3 things that are keeping you from achieving financial success
- No Plan - at least not a clearly defined one. Plans that don’t have clearly defined goals are bound for disaster – what do you what to accomplish? When do you want to accomplish it by? Here’s a common one for young professionals – they say I want to buy a house. But when I ask when, where, what type of house, or how much they’re willing to spend, the answer get a lot more fuzzy. Know what you want and when you want it and have a defined plan to get there.
- Quick Fixes – this is especially true with saving or investing money. Buying Bitcoin is not going to solve the fact that you have not saved enough for emergencies or retirement. It can take years of discipline savings and investing in well-constructed portfolios to build up accounts. So keep in mind that it could take a long time to fix what’s been a long time in the making.
- Planning for the best… and also expecting it. When I talk about financial goals with clients, its great to envision getting married, buying a house, sending kids to school, or retiring. But if you’re not planning for what could go wrong, all that planning can be wiped out in an instant. Think about different types of risk – market risk, changes to taxes, legal risks, getting sick, hurt, or sued, or god-forbid passing away early. What’s in place to deal with all these risks?
So talk to your financial advisor, your accountant, and your attorney to make sure you’re making the right decisions for you. And if you don’t know where to get started, give us a call or shoot us an email. We’d be happy to help!
Disclosure: All investing is subject to risk, including the possible loss of the money you invest.