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. Here is a list of some of the most common mistakes in financial planning.
Sadly, as stated above, ZeekRewards is not a one-off story. Apart from desperation to make more money, another possible reason people fall for these schemes is that the scammers may have gotten smarter. However, there are three basic measures that you could follow to protect yourself from falling victim in a financial scheme.
Wealth transfer is a hot topic in financial planning. Thinking about how to pass funds from one generation to the next can be emotionally difficult. Perhaps the older generation doesn’t approve of the way the younger spends the money, or the younger generation isn’t involved in the family business. Furthermore, tax and legal issues can complicate matters.
Spiritual accounting is similar to the financial accounting. In order to be an effective investor, it’s a good idea to sit down once a year with your financial adviser and ask a few questions.
Whatever the reason, if you reach retirement age and you see that you are not going to have enough money for your anticipated needs, what should you do?
Mazal tov! Your son or daughter has just got engaged.
While generally peer pressure is viewed as a negative trait, emulating successful people may help increase your own chances of success.
How do you visualize your retirement years? Most people hope that they will finally be able to do the things that they never had time to do during their working years. Very frequently, folks anticipate retirement will be a worry-free time, full of enjoyment, and ample time to spend with family and friends. As a financial adviser, I am often saddened to see retirees facing a different picture.
You’re never too young to start planning for retirement.
How to lighten the load in the case of disaster.
There are thousands to choose from… which mutual fund is right for you?
Though every investment has pros and cons, consider using one of the most common investment tools around.
The best-selling book The E-Myth examines the success of McDonalds and what we can learn from it.
What did you do when you received a purple vase decorated with green stripes and gold roses as an inheritance from your late Aunt Minnie? Did you give it a place of honor in your breakfront, hide it away in the attic, or did you follow your spouse’s instructions and “sell that hideous thing because at least you might get some money for it”? Chances are that you wouldn’t dare sell the vase, simply because of its sentimental value.
There’s no such thing as a perfect investment.
Have you thought about investing in dividend-paying stocks? As the name suggests, these are stocks that pay out a certain percentage of the company’s earnings as a dividend periodically (usually quarterly) to the investor. Recently, dividend-paying stocks have received a good press in publications such as The Wall Street Journal. Have you considered why dividend-paying stocks might be good for you?
There’s no such thing as a free lunch.
Since you can’t take it with you, why not give it away with a warm hand?
Should you sell out of your portfolio now?
What kind of investor are you? Do you try to time the market and jump in at the right minute? Or are you a more cautious kind of person who spends hours researching market performance before you consider buying or selling anything?
When I recently wished a friend “Mazal Tov” on his daughter’s engagement, I broached the issue of prenuptial agreements in accordance with Jewish law. My friend, a rosh yeshiva, turned to me and said, “Of course they’re signing one. People who don’t sign halachic prenuptial agreements are stupid.”
What is the greatest present that you can give your children when they get married? In certain communities, the answer is, “an apartment.” Many parents take on second or third mortgages, sell their own homes, or bury themselves in debt to make sure that an apartment comes along with the trousseau.
Watch out when salesmen want to sell you a unique or secret investment.
Your child’s wedding should be a simcha, and not a financial disaster.
There is a myth that if you buy a property in Jerusalem then you are assured to make money.