5 Financial Mistakes to Avoid in Your Fifties
Your financial success and life are not linear. Investing goals, timeframes and circumstances can change over time.
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Mistake #10: Investing On Autopilot
Your financial success and life are not linear. Investing goals, timeframes and circumstances can change over time.
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Mistake #9: Trying to Out-Smart the Markets
Attempting to out-smart the markets is a common, yet dangerous, practice.
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Mistake #8: Investing With The-Big-E
Many investors underestimate the role of emotions in their decisions. While it is impossible to totally separate emotions from investment choices, understanding your emotional makeup is a good first step.
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Mistake #7: The Conservative Investment Oxymoron
Day-to-day or week-to-week price fluctuations are not the same as permanent loss of investment capital.
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Mistake #6: Ignoring Inflation – The Silent Killer
The rate of inflation is a “silent killer” for many investors because most people only pay attention to pre-inflation rates of return.
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Mistake #5: Focusing Excessively on the Short-Term
There has been substantial research over the past couple decades within the area of behavioral finance.
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Mistake #4: Understanding Investology
Most of us learn from experience the things we can do without help and those that require more expert assistance.
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Mistake #3: Blind-Eye Bias
Brokers, bankers, and insurance salespeople are not fiduciary advisors. They may be nice people that you see at church or the club, but their interests come before yours due to how they are paid.
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Mistake #2: The Push for Returns
This mistake is closely tied to #1. Without context, you have a tendency to make “instant choices”, decisions that appear good today.
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