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The Top 10 Biggest Financial Mistakes you must avoid.....Views: 163
May 14, 2014 8:39 pmThe Top 10 Biggest Financial Mistakes you must avoid.....#

Sara Finkelstein
Safe Money Strategies and Insurance Solutions
  
 
THE TOP 10 BIGGEST FINANCIAL MISTAKES
   you must avoid
 
Are you making any of these mistakes?
  1. Not setting aside money to an emergency fund.  You turn to your credit card instead and incur finance fees. Its best to pay the balance in full to avoid interest charges, but many times individuals do not do that.
  2. Not taking advantage of an IRA contribution.  Everyone can contribute to an IRA, depending upon your income, you may be able to take advantage of a Roth IRA which grows tax free.
  3. Not taking advantage of a company sponsored retirement plan with a match. This is like free money.  Take advantage of it.
  4. Contributing above the “match” in a company sponsored retirement plan.  Why is this not a great idea, you might ask – because that money will be fully taxable when withdrawn.  There are other strategies more favorable.
  5. Not planning for the what if’s in life.  Anything can happen to anyone at any time.  You need to protect yourself and your family.
  6. Not insuring your retirement plan.  Most people work a lifetime to accumulate a nest egg for retirement.  If you haven’t done appropriate planning, you will subject your nest egg to the exorbitant costs of long term care.
  7. Not protecting your greatest asset.  Your greatest asset is your ability to get up every day and earn a living.  Should you or your loved one become disabled how will your bills get paid every month?
  8. Being too aggressive with your investment choices.  Of course, some of us have a high risk tolerance and some of us have a low risk tolerance, understood.  However, we need to pay attention to the “safe money formula”, which is based on the premise that as we get older and closer to retirement age, we need to be more conservative.  Simply due to the fact that we cannot go back to work for another 30-40 years to make up for losses.
  9. Not having a strategy for tax free income.   Let me ask you a question, do you believe that taxes will be going up or down in the future?  Many strongly feel it will be heading upwards.
  10. Not having a strategy for lifetime income.  Let’s face it, we are all living longer these days.  With that comes challenges.  One challenge is not outliving your money.
 
Allow me to help you, so you don’t get hurt.
 
  
Sara Finkelstein
Sara@SignatureAdvisoryGroup.com
(561)503-4803

Signature Advisory Group
269 SE 5th Ave., Delray Beach, FL 33483
  Phone 561-503-4803
www.signatureadvisorygroup.com


http://www.SignatureAdvisoryGroup.com
President - Sara Finkelstein
561-503-4803


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