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As a financial adviser I notice that certain money mistakes are very commonplace. Are you making these kinds of errors that can destroy a fortune?
Instead of learning from your own mistakes, try learning from other people’s mistakes. Below is a list of some of the most common mistakes in financial planning:
1. Putting off buying life or health insurance. Even if you are still young and you belong to the mindset of “it will never happen to me,” the truth is that you never know. Accidents, terror attacks, and sudden illnesses are all in the hands of the One Above, and although no one should ever go through life in a constant state of fear and worry, it’s important to be prepared for any eventuality. Think of your insurance policy as “risk management.”
2. Passing up tax breaks. When considering whether to buy or sell an investment, don’t only look at the figures. Find out what this means in terms of tax. How will the dividends/interest be taxed? Does the investment have any kind of tax deferral or tax-free status? While tax status shouldn’t be your sole concern in purchasing investments, make sure to keep tax liabilities in mind.
3. Buying or holding stocks for the wrong reasons. Are you holding onto a stock out of sentimental reasons, because you inherited it from a loved one? Are you thinking of buying a stock simply because you enjoy the company’s products? Don’t base your decisions on emotions. Do your homework, and only buy the stocks that make the most financial sense for you. If you are not sure how to work this out, consult with a financial planner.
4. Not taking enough risk. Some people are very cautious by nature, and they would prefer to invest their money with the least risk of loss. Although this might sound prudent because it minimizes the chance of loss, the other side of the equation means that your gains will be limited. Of course, the appropriate level of risk for you depends very much on your personal situation, so speak to your financial adviser about what is appropriate for you.
Keeping these four points in mind should help you avoid some of the most common money mistakes. Don’t make these mistakes, and if you do, visit a qualified Certified Financial Planner (CFP®) for help in fixing them.
About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning and investment services firm located in Jerusalem. He specializes in working with clients who live outside of the United States and want to maintain a U.S. brokerage account. Doug’s newest book, co-authored with Susan Polgar, about how using chess strategies to improve your finances, Rich As A King can be purchased at www.richasaking.com. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Contact at email@example.com
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