This list is based on years of experience, both personal and working with clients. Take a minute or two and consider whether you fit into any of these categories and, if so, what the implications might be for you.
- Allowing money to be your master rather than your servant.
- Being unaware of how your views on money may be negatively impacting your life’s goals.
- Resisting defining financial objectives.
- Being unaware of objective and subjective differences between men and women regarding longevity and risk avoidance.
- Being willing to turn over asset management to brokers or other financial industry people who have little or no understanding of your total financial circumstances.
- Not understanding what a fiduciary is, what that means, and why it is important.
- Reading and being influenced by financial articles when you lack the knowledge to assess their validity.
- Turning over all the major financial decisions to a spouse with little knowledge or input from you.
Keep in mind you have the power to change any of these.