How confident are you that you’ve made all the right financial decisions? We often get asked what mistakes people are making so our clients can self-correct. After all, learning from other people’s failures is the best way to learn. So here are the Top 10 money mistakes people make with their finances
Top 10 Money Mistakes
- Investments are misaligned with risk tolerance, capacity, and requirement.
- No Will, Trust, Durable Power of Attorney, or advanced medical directive in place
- Beneficiaries and estate documents are not updated or missing
- The savings rate does not meet desired end state
- Too much debt
- Too much acceptance of risk: life, disability, long-term care
- Lack of clearly defined goals
- Believing what they are invested in is more important than their savings rate and investing behavior
- Missing a fully-funded emergency fund
- No tax planning
In summation; living reactively rather than proactively. Do any of these mistakes resonate with your situation? Do you have a plan to fix them?