“The more money you have, the bigger the mistakes,” someone once told Brian…
How does that translate into retirement planning? And how can you help ensure you approach your financial planning for your “golden years” in the best possible way?
In this new episode of the Common Sense Financial Podcast, host Brian Skrobonja goes over five retirement mistakes that you should stay away from at all costs, as well as what retirement is actually about.
- Brian touches upon something that a very successful person told him when he was getting started with his business back in 1993: ‘The more money you have, the bigger the mistakes.’
- With his desire to work hard and strong work ethic, Brian quickly became successful. But there was a problem with his approach – Brian opens up about that.
- Brian shares some of the retirement mistakes he has seen people make in his 30-year career.
- Having a distorted view of what wealth really is and having what Brian calls “vertical diversification” are two common mistakes Brian has seen over and over again in his career.
- There are many factors to consider when attempting to diversify. You shouldn’t believe that a bank account and a portfolio of public investments are all that’s available to you as you move your diversification horizontally.
- Brian points out a common practice to avoid: making an investment decision based on the tax deduction alone.
- When making decisions regarding how you save money, Brian suggests considering how you’ll ultimately use the money.
- Brian discusses why you shouldn’t have too much dependency on markets nor having complacency.
- Brian sees retirement as a balancing act between growing money for the future while drawing income for your retirement needs.
Mentioned in this episode:
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