Take a minute or two and consider whether you fit into any of these categories and, if so, what the implications might be.
- Allowing money to be your master rather than your servant.
- Being unaware of how your views on money may be negatively impacting your 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 tools to assess their validity.
- Turning over all the major financial decisions to a spouse with little knowledge or input from you.