On This Episode
Almost everyone has made investment mistakes at some point. We’ll share how to bounce back from mistakes and avoid making them again in the future.
On today’s Saving With Silverman podcast, Mark Silverman CFP® shares some common investing mistakes people make and how to avoid them in the future.
Determine the Cause
People often come into our office and say, “I wish I had done this” or “I wish I had done that.” But you are where you are. We can help you determine what you need to do to get where you want to go.
You can also ask yourself why the mistake happened in the first place. Some possibilities include:
- Didn’t have enough information
- Got bad advice/listened to the wrong people
- Bad luck
Once you determine why the mistake happened in the first place, you’ll be more likely to avoid similar mistakes in the future.
Increase savings rate
The more you save, the better off you’re going to be. That’s just the bottom line. Saving needs to be a habit.
If you’ve made some investment mistakes that have had a significant impact on your portfolio, you might want to consider increasing how much you save each month to make it up.
For many pre-retirees, there are ample opportunities to increase their savings rate. For example, the kids have moved out, tuition has been paid, you’re making more money than you’ve ever made, the house is paid off – if even just a couple of those things are true in your case, you can probably amp up your savings rate.
Recalibrate Your Goals
Look at what your goals are. We are going to assess your goals and your plan and see how they support one another. We will then develop steps to reach these goals. Want to retire early? It’s going to be about saving more. Don’t think you have enough to retire? Well, maybe we need to look into working a few more years.
The sooner you have a professional look at everything and tell you where you are, the more options you’ll have down the road.
- Mark Silverman, CFP®
Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment.
0:58 – What caused it?
2:07 – Increase savings
3:09 – Recalibrate your goals
4:42 – Get a real plan in place
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