Ep #5: Even Responsible Savers Make These Mistakes
You can’t criticize people that take a proactive approach to their future by putting away savings as they earn, but you can offer up ways to improve the way that they save. Believe it or not, even responsible savers make mistakes because the transition into retirement can be a major lifestyle change. Let’s talk about some of those missteps that happen along the way.
The Reality of the Matter:
The first step towards retiring with confidence is saving. Without a plan to save a portion of your earnings, you end up living paycheck to paycheck with no protection for emergencies.
But not everyone that saves is making the best use of that money. Whether you have your money in the wrong investments or no investments at all, those savings could be generating better returns if applied correctly.
That’s why this episode of the Retirement Reality Podcast will feature four mistakes that responsible savers make with their money. These won’t necessarily hurt your retirement plan but avoiding these missteps will allow you to grow and manage your money in the best way possible. And don’t forget about why you’re saving that money in the first place, and that’s to eventually spend it on yourself and others.
The other topic on this show will be the recent trend of wedding loans. This is a newer form of debt that young couples are taking on to fund their ceremony and reception so we ask Mike to give us his opinion on whether this is a good idea or not.
We’ve laid out the main topics below to make your listening experience more organized. Feel free to click the timestamps to jump around to a specific topic in the episode.
Just The Facts:
2:01 – What we’ll talk about on today’s show.
2:43 – Wedding loans are a new trend where young couples take out money to pay for their ceremony. Mike shares his thoughts on this.
6:01 – Moving into the main topic – even responsible savers make mistakes.
6:22 – Mistake: Getting too enamored with cash.
8:00 – Mistake: Taking too much risk to accumulate savings.
10:11 – How often you should be evaluating your portfolio with an advisor.
10:45 – Mistake: Not preparing for that tax time bomb.
14:21 – Mistake: You aren’t enjoying the savings you’ve accumulated.