May
21
(Word Count: 167 – reading time 1.0 min)
A long term survey done by the CFP Board (USA) denotes that many people, with or without the help of a financial expert make the following mistakes when it comes to planning their own finances in all areas, regardless the stages of their lives – single, married or retiring soon. Some of them may seem “common sense” but these mistakes do not choose its victim!
- Do not set measurable financial goals.
- Make a financial decision without understanding its effect on other financial issues.
- Neglect to re-evaluate their financial plan periodically.
- Look for quick financial fix instead of a long-term strategy.
- Expect unrealistic returns on investment.
- Think that financial planning is only for the wealthy.
- Think that financial planning is only necessary when they get older.
- Confuse financial planning with investing.
- Think that financial planning is primarily tax planning.
- Wait until a money crisis occurs to begin financial planning.
- Think that using a financial planner/advisor means losing control.
By Jeremy Vohwinkle (Registered Financial Planner)