BIGGEST FINANCIAL MISTAKES:
We are preparing to offer regular educational workshops we are calling our “Get Financially Fit Academy”. One of the topics we will cover is the biggest mistakes we have seen people make in our almost 20 years of helping people achieve their financial goals which are:
1.) Not having your important information organized and letting someone you trust know where all your important information is. This includes ensuring that your estate plan and beneficiaries are up to date.
2.) Not saving enough. Many people are very concerned about what they are invested in, however, they fail to realize that the MOST important factor in investing is regular, disciplined savings and NOT what it is invested in. Sure, it is important to invest your hard savings prudently, however, again this is secondary to simply saving regularly in good times and bad.
3.) Not having enough disability insurance coverage. Many people make sure they have enough life insurance in case they die but what if you are injured or get sick? Life insurance does not cover that, disability insurance does.
4.) Not having enough life insurance. We have seen people who are not necessarily “big spenders” and have had the major bread winner in their family die unexpectedly, blow through a million dollars in assets in a very short time.
5.) Being emotional about money or the stock market. Money is a VERY emotional subject. However, the most prudent financial decisions are made when we take the emotions out of them. The market doesn’t care that you once had double your money in a stock or mutual fund but wanted it to go up just a little bit higher but now you are at a loss and if you could just get back even you would sell it… Sound familiar? We’ve heard it a thousand times!
White House Financial& Settlement Consulting helps a busy and active community of people achieve and maintain financial freedom. We do this by acting as our clients’ trusted advisor and providing a personal touch customized to the client’s needs! Please visit our web site at www.whitehousellc.com or contact us directly for more information!