EP #12 Financial Mistakes to Avoid

I've been a financial advisor for over 35 years and have seen some common financial mistakes that people make like:Going to cash when the market goes down. This can be a mistake because you could miss out when a rebound happens.Lifestyle Creep. As your income increases you should still maintain your savings rate. Don't keep up with the Jones'!Credit card usage. Credit card debt is a big issue. Get a debt reduction plan. Use the "snowball effect" or the "Avalanche Effect"Not automating their savings: Set up a automated savings plan from your bank account to your savings. Start with your emergency fund, then graduate to your 401k and other savings goal.  Don't save what's left over pay yourself first!Not having a financial plan: by having a financial plan you have a plan of action that will answer the questions of , How much should I be saving? How do I get out of debt? How much to save for college savings plan for the kids?Taking 401k loans. 401k's are meant for retirement. Not for vacation, cars or other luxury items. 401k loans are taking away from your future retirement income.Procrastinating on getting a will and Power of Attorney: without a will the court will decide who takes care of the children and who gets what.Buying too much of a car. A car is a depreciating asset. Use these guidelines, 20% down, car payment should be 10% of your net income and don't finance more than 3 years. Helping you to be wise with your money!To see more videos discussing personal finance Subscribe:https://www.youtube.com/channel/UCbDA...For more resources: 👉   https://wfa-nc.com/insights 📝 Get your Free Retirement Plan checkuphttps://wfa-nc.com/retirement-plan-ch...To schedule a complimentary consultation with me: 👉https://go.oncehub.com/keithwilson1I want you to be more confident in your future: whether that be through preparing for retirement, financial planning, portfolio analysis, or college planning. I trust the information you receive through these videosproves helpful with your personal financial situation!Website: www.wfa-nc.comFacebook:   / keithwilsonf.  .Linkedin: Helping you to be wise with your money!To see more videos discussing personal finance Subscribe:https://www.youtube.com/channel/UCbDA...For more resources: 👉   https://wfa-nc.com/insights 📝 Get your Free Retirement Plan checkuphttps://wfa-nc.com/retirement-plan-ch...To schedule a complimentary consultation with me: 👉...