Skip to main content

Biggest Financial Mistakes



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!

White House Financial & Settlement Consulting, LLC

COMPREHENSIVE - CLIENT FOCUSED - FINANCIAL ADVICE

114 South Main Street • Suite 300 • Chelsea, Michigan 48118 • Phone: (734) 433-1670 • Fax: (734) 433-1671


Securities offered through Sigma Financial Corporation. Member FINRA/SIPC

Fee-based investment advisory services offered through Sigma Planning Corporation, a registered investment advisor

Comments

Post a Comment

Popular posts from this blog

May Market Update

 Greetings! I hope you are doing well! The latest market recovery, driven by optimism about trade deals, resilient economic fundamentals, easing inflation, and strong corporate profits, serves as a reminder that periods of turmoil often create investment opportunities. Despite potential short-term disruptions and stagflation risks, investors are advised to stay the course and maintain their long-term strategies, as history shows that markets tend to reward disciplined, long-term investors. P l e a s e   c o n t a c t   my  anytime   w i t h  at (734) 272-4322 or email at cyril.white@fourfinancial.com with your  q u e st i o ns and concerns! S i n c ere l y,                                                          Cyril Certified Financial Planner(tm)  Securities offered through LPL Financial | Member FINR...
Post a Comment
Read more

April 2025 Market Volatility Update

Hello! I hope you're doing well! Well, we continue to live in interesting times! M a r k e t s h av e c ont i n u ed t o m o v e s h a r pl y i n r e s p o n s e t o n ew l y an n o un c ed t a r i ffs an d g r o w in g c on c e r n s o v er g l o ba l t r a de. F r i d a y ’ s st eep s e l l o ff ex t e n ded in t o M o n d a y, w i t h v o la t ili t y rem ai n i n g e l e v a t ed ac r os s s e c t o r s a n d a ss et clas s e s. Th i s i s w hat w e c a l l a g ut c he c k m o ment. A t i me w h en t h e h e a d li n es feel l o u d. Th e n u m b ers feel sh a r p . A n d y o u r in st i n c t s m a y s t a rt t o q u e s t i o n y o u r pla n . Givin g a d vic e no t t o pa n i c d u r i n g s e v ere m a r k et d o w n t u r n s ca n feel a l i t t l e clic h é, b u t i t i s t h e m o s t i m p o r t a n t pi e c e o f f i n a n cia l a d vic e y o u ca n g e t . Please click on the video ico...
Post a Comment
Read more

Best Financial Planning / Investment Books: "The Richest Man in Babylon" Book Review

  Hey guys. Cyril White, Certified Financial Planner, Four Financial Management, where it is my mission to help as many of you get as wealthy and as healthy as possible! I've been in the financial business,   financial planning, wealth management, investment management business, call it what you will, for going on over 25 years now. It's crazy how time flies when you’re having fun!   I'm often asked, what books can one read to improve their financial situation, to educate yourself on personal financial issues, concepts and best practices. So what I've decided to do is I'm going to put together these videos to cover many of the most popular financial planning, personal financial management and investing books, all of which I have read, and I'm going to give you my two cent on them and provide a review of these books. You can find a comprehensive list of all the books in the notes to this video. My list of popular personal financial planning and investment books w...
4 comments
Read more