Ep 3: Common Mistakes People Make with Their Financial Plan
Investing PlanningOn This Episode
Building a financial plan can be done on your own, but there’s a much greater chance of making a mistake. Without having a professional to provide you with solutions and help you craft a strategy that fits your needs, you put yourself at risk of following bad advice or overlooking important aspects of a comprehensive retirement plan. Let’s look at four common mistakes we see investors make and what you can do to avoid them.
Takeaways
No matter how much time you spend working on a financial plan, there’s always a chance for mistakes to happen. Having an advisor like Silverman + Associates in your corner can help prevent those missteps before they happen.
We see all types of mistakes when we work with clients around Tucson but there are a few that come up more often than the rest. We’re going to share the four most common ones on this episode of the Saving with Silverman podcast. Mark Silverman will take us through each of them and explain how they can negatively impact your long-term goals if you don’t make adjustments.
A few things we’ll cover during this episode:
- Stocks versus bonds
- Long-term care needs
- Preparing for market downturn
- Putting together a plan
Mistakes are going to happen, but these are four that you can prevent from the start. Let’s make you aware of what happens most often and hopefully you’ll gain that awareness and put it to work for your retirement plan.
It’s an important topic and one that can save you a lot of grief down the road. It’s time to get this episode started. Use the timestamps below to skip around to specific topics.
The more risk you take, the more return you can get. But as you’re getting closer to retirement or in retirement, typically the less risk that you want to take. - Mark Silverman
The Layout
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
0:51 – The first mistake we see is people believe bonds are a completely safe investment.
2:11 – The second mistake is not protecting yourself from long-term care needs.
3:47 – The third mistake is not protecting yourself from market decline.
5:11 – There are many tools and strategies that you can use during the planning process.
6:16 – The fourth mistake is not having a plan at all.
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