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.
The Money PIG podcast is hosted by Reid Trego. Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.
Disclosure – All investment carries risk, and we cannot guarantee performance or results. Past performance does not guarantee future results. GIA does not earn any compensation from any of the non-GIA links provided in these resources. The market insights, podcast, blogs, book recommendations, self improvement thoughts, food recipes and activities are based on our perspectives and experience, and may not apply to your unique situation or be appropriate for your health and wellness. We are not aware of any conflicts of interest relating to any testimonials or endorsements. Please contact us for any questions relating to the content above, or to discuss how we can support you in your specific situation, and help you to reach your financial and personal goals.
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