Listen to the podcast here: https://moneypig.buzzsprout.com/2136084/14761023-five-common-mistakes-people-make-with-their-finances

Description

Reid Trego welcomes CERTIFIED FINANCIAL PLANNER™ professional Justin Pitcock to this episode of the Money PIG podcast to discuss five common mistakes people make when it comes to their finances. They emphasize budgeting effectively as the first step. Listeners were advised to prioritize financial goals and pay themselves first, stressing early retirement planning regardless of age to debunk the misconception that saving can wait.

The importance of NOT neglecting emergency savings was highlighted, advising setting aside cash for unforeseen expenses like car repairs or medical bills. They talk about strategies for building an emergency fund based on covering deductibles or maintaining several months’ worth of expenses were outlined to avoid falling back into debt traps.

Insights were shared on avoiding debt traps through responsible management of major purchases like cars and homes within reasonable budget percentages. Practical tips were provided for reducing and eliminating debts, including the snowball method. Overlooking valuable investing opportunities due to fears of market volatility and misconceptions about investing being akin to gambling was identified as a crucial mistake.

The conversation emphasized how proper investing in securities over time is vital for long-term financial growth. Understanding individual goals and aligning investment strategies accordingly to achieve financial security over different phases of life, including retirement planning considerations, was highlighted amidst market fluctuations induced by media fear tactics.

If you want an expert who can give you sound advice and help you navigate how to best invest your wealth and plan for your retirement, reach out to us to schedule a quick call. One of our CFP® professional wealth advisors would love to discuss your individual goals and options with you. The first step in our process is to schedule a free 15-minute intro call with our Goodwin Investment Advisory consultant here.

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