web analytics
August 5, 2015 / 20 Av, 5775
At a Glance
Blogs
Sponsored Post


The Four Most Common Financial Mistakes

Instead of learning from your own mistakes, try learning from other people’s mistakes.

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 doug@profile-financial.com

The author's opinion does not necessarily reflect the opinion of The Jewish Press.

If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “The Four Most Common Financial Mistakes”

Comments are closed.

Current Top Story
Grafitti on the walls of the Church of the Multiplication at Tabgha, on the Sea of Galilee, in northern Israel, which was set on fire in June 2015.
6 Months’ Jail Without Trial for Jewish Teen Linked to Church Arson
Latest Blogs Stories
wedding

Judaism isn’t a part-time religion. Every aspect of life has a Jewish connection.

yeshivaresized flash 90.jpg

Surprisingly, many Hareidi communities do not advocate full time Kollel study for life as the ideal.

Baim-061915-Mazal-Tov

“You’ve been out on enough dates, are you going to marry him?” Many times I’ve choked at this point.

Shira Banki, 16, z'l

What is left to say when a 16 year-old is dead? How will her mother and family endure without her?

Compare the numbers. Disproportionately too many Arab attacks on Jews have been happening.

What is the impact of renouncing US citizenship if you live abroad? Can you visit the US again?

Gentile friends of Israel came from all over Norway & Europe and they sang “Hatikva” in Norwegian!

As the incitement begins again against the settlers, the religious and the Right, let’s review the list of children killed by terrorists.

Reports of a dead baby, a devastated family, and indications of a gloating attacker.

In all the years (and this week it’s exactly 14 years) since our daughter was murdered, we have not found a single Arabic-language post, article, tweet or speech condemning that attack in the center of Jerusalem or the killings.

Everyone is angry at the ongoing Arab terrorism, but what does murdering a baby have to do with protecting Jewish lives or furthering Jewish settlement in the Land of Israel?

Tonight, live Meerkat interactive video tour and talk in Jerusalem.

The US doesn’t want Pollard & he doesn’t want America- release him with 1 condition: No return to US

Meet Republican US presidential candidate Kerry Bowers & listen to his message to the Israeli public

Amongst the Palestinians (sic) what is promoted and praised for its young people? Terror & martyrdom

“If you can’t negotiate with your enemy, why negotiate at all?” Great sound bite. The press loved it

More Articles from Doug Goldstein, CFP®
Doug Goldstein

What is the impact of renouncing US citizenship if you live abroad? Can you visit the US again?

Doug Goldstein

Meet Republican US presidential candidate Kerry Bowers & listen to his message to the Israeli public

Discussing, what should you do if you are feeling overstressed in your job and are tempted to quit?

Learn how modern technology can be used to foster personal development in life as well as in finance

Tony Stubblebine, founder of Coach.me, shares tips on translating desire for change into action

Talking about the best ways to give financial advice. Is “storytelling” helpful?

How can you get people motivated in the right way? Discover effective techniques right here.

Learn how discipline helps you reach your potential and the role good habits play in being a leader.

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/the-four-most-common-financial-mistakes/2012/09/24/

Scan this QR code to visit this page online: