Top 3 Mistakes in Personal FinanceHere are the top three mistakes that consistently destroy wealth in retirement accounts:
1. Not looking at your retirement account statements. Many people are afraid to look at their accounts because they don’t want to see how much they have lost….they also think what’s the point because they don’t know what else to do….and even if they did know what to do they are so far down they think they need to wait until the market comes back up to do anything.
2. Not getting educated on the options available. This is a tough for you because most of the information given out by financial advisors it flat wrong. (Just look at your retirement accounts for evidence of this.) For a real independent, third party look at what you can easily do to eliminate market risk from your retirement accounts and grow them dramatically read “Blind Faith: Our Misplaced Trust in the Stock Market and Smarter, Safer Ways to Invest” by Edward Winslow. It is available at Amazon.com or come into the office for a free consultation and I’ll give you a copy to read.
3. Not taking control. Most people feel they are at the mercy of the market. After you get educated you began to realize you do not need to play the “hang on it will turn around game.” The most important thing right now is not the money in your account. It is protecting that money from future losses (which will probably be bigger this year than last year) and getting that money into positions that are going to make you money when the market goes up.
