7 Investing Lies We Tell Ourselves & How to Avoid Them

If you're working towards retirement you know that investing wisely is a key part of reaching your goals. The problem is, investing means putting your money at risk. That's stressful. As a result, many of us tell ourselves lies or believe "trues" that can be dangerous to our financial future. In this episode, I'll discuss 7 lies we tell ourselves about investing and how to avoid them.

INVEST WISELY

The 7 Lies We Tell Ourselves About Investing

1. There is too much uncertainty right now to invest
2. I'm not wrong, the market is
3. Thinking the current trend will continue
4. I just need to hold a losing investment until I get back to even
5. Past performance can predict future results
6. I just need to find an investment guru
7. Investing alone will make me wealthy

How to Avoid Them

1. Come to peace with the fact that the future is unknowable
2. Educate yourself about how investment markets work
3. Use a sound process for investing
4. Diligently monitor and adjust your plan as your life unfolds

PLAN WELL

Last month I conducted my 1st annual listener survey. A big thank you to all that participated.

Here are some interesting facts about you:

• 100% of you are male (do ladies not take surveys!!!)
• 73% of you are over 50 (makes sense)
• 73% of you have been married over 20 years (great job!!)
• On average you have 3 children
• 42% of you say you never plan on retiring (I'm with you on this)
• Top retirement concerns include
  • Investing and the economy
  • Healthcare costs
  • Running out of money
• Top retirement goals include
  • Spending time with spouse
  • Spending time with family
  • Travel

Some of your top questions you need answered are:

• What's the best way to invest for income?
• When is a will sufficient (without a trust)?
• When should I start social security?
• How do I create passive income?
• What is the right portfolio mix during the different stages of retirement?
• Will the popularity of index investing cause more investment bubbles?

In future episodes, I'll work to answer each one of these questions. What is the #1 Thing You Struggle with As You Work Towards Retirement?

Tell me in the form below and I'll try to help.