The most underrated financial planning advice – Part 2

Last time out, I talked about luck not being a solid strategy and the Get Rich Quick scheme, as mistakes people make in their financial planning.   Here’s another couple.


Later is now.   I’ve heard, “Right after I get our new car paid off.    Or after we finish the house remodel.   Or we needed the new boat for the family.   Or he kids need braces.  Or we need that motor home for family vacations.  Or when the kids finish University.  Then I’ll save.”  But at 55, it really is too late to start.   START TODAY.

Also how many times have I heard,  “I’ll want to switch to cash because the market looks bad and I’m already down so much.  And I’ll get back in when the markets settle down.” My response always is, “Tell me exactly what the world will look like on the day you know it’s ok to get back in.  If you can’t do that, it isn’t a plan only a fantasy.”   After thirty years in this business, the markets have NEVER settled down.  Stick with and stay the course.