David Fulton is a Colorado Springs, CO fee-only financial planner providing Hourly and On-Going Financial Planning and Investment Management. While he works with a broad range of clients, David specializes in working with Active and Retired Military, Federal Employees, and Families with Special Needs Children.
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How confident are you that you’ve made all the right financial decisions? We often get asked what the mistakes people are making so our client’s can self-correct. Afterall, learning from other people’s failure is the best way to learn. So here are the Top 10 Mistakes people make with their finances:
- Investments are misaligned with risk tolerance, capacity, and requirement.
- No Will, Trust, Durable Power of Attorney, or advanced medical directive in place
- Beneficiaries and estate documents are not updated, or missing
- Savings rate does not meet desired end state
- Too much debt
- Too much acceptance of risk: life, disability, long-term care
- Lack of clearly defined goals
- Believing what they are invested in is more important than their savings rate and investing behavior
- Missing a fully funded emergency fund
- No tax planning
In summation; living reactively rather than proactively. Do any of these mistakes resonate with your situation? Do you have a plan to fix them?