This is the fourth post in our ongoing series called: The 10 Beliefs. To start at the beginning or read one you missed, scroll to the end of this article for links to every post in the series.
Every day, we help people plan, save, and prepare for retirement. In that journey, we often see the same series of mistakes. This series will show you the seven most common money mistakes people make. At the end of this series, you should be able to identify the mistakes, and more importantly we’ll tell you what you should be doing.
Mistake #4 – Following The Wrong Advice
Have you ever taken someone’s advice on a financial matter? For many, this decision proves to be a costly mistake. And let’s face it, no one wants to lose money. It’s easy to feel confused when so much is riding on making the right decision. You can avoid the wrong advice.
Friends and family often offer free advice. Sometimes it’s conflicting. So maybe you pick up a book, listen to a podcast, or research a “rule of thumb. The information we get might seem solid, but we worry we’re following the wrong advice because we aren't really sure.
There’s just so much of it out there, and so much of it doesn’t agree. It can feel very overwhelming.
We see a lot of smart, successful people confused and overwhelmed. It’s understandable. Your entire future hangs on you making the right decisions.
That’s why we don’t believe anything as critical as planning and saving for retirement should be based on a guess. You should base it on your Financial Framework and Personalized Risk Assessment. You wouldn’t take someone else’s prescriptions, why would you take someone else’s financial advice? Anything less is a recipe for frustration and potential disaster.