facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog external search brokercheck brokercheck Play Pause
The 10 most common mistakes people are making with money Thumbnail

The 10 most common mistakes people are making with money

Insights

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.
Want to work with David?   Get Started⟶

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:

  1. Investments are misaligned with risk tolerance, capacity, and requirement.
  2. No Will, Trust, Durable Power of Attorney, or advanced medical directive in place
  3. Beneficiaries and estate documents are not updated, or missing
  4. Savings rate does not meet desired end state
  5. Too much debt
  6. Too much acceptance of risk: life, disability, long-term care
  7. Lack of clearly defined goals
  8. Believing what they are invested in is more important than their savings rate and investing behavior
  9. Missing a fully funded emergency fund
  10. 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?