Seven Common Money Mistakes (And How To Avoid Them)

Last week we asked some searching questions in a bid to know ourselves a little better when it comes to our relationship with money. This week I want to look at some common money mistakes and how to avoid them. That way, we might have a chance of seeing these mistakes coming, and maybe just side-step them before they derail us.

 

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Seven Common Money Mistakes

If we want to make the best financial decisions possible, it makes sense to learn from others’ mistakes. No sense in reinventing the wheel if someone else has been there and done it. So this week I want to look some common money mistakes that I have seen all too frequently during my time as an adviser. The longer I do this job, the more convinced I am that a large part of my job is to coach people not to make these mistakes!

The seven common mistakes I see all too often are:

• Taking either too little or too much interest in your finances
• Getting lulled into a false sense of achievement
• Underestimating longevity
• Procrastination
• Coming over all emotional
• Making investment decisions based on news flow
• Rushing into retirement

Listen to the show to see how I suggest you avoid each of these...

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I love to read and respond to your comments, so please do join in and share.

Question: Have you made any of the mistakes listed here? If so, what was the outcome? And what would you do differently next time?

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