The 7 Most Common Financial Regrets and How to Avoid Them
The 7 Most Common Financial Regrets and How to Avoid Them
MTN Staff • February 28, 2024
We all make money mistakes. But keep them to a minimum by learning from the regrets of those who came before you.
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We all have financial regrets. Whether it’s not investing in that successful stock or splurging on a luxury item you didn’t need and couldn’t afford, money mistakes can leave us feeling guilty and frustrated.
But don’t beat yourself up. By exploring the regrets of those who have come before, you’ll avoid making the same mistakes and achieve your financial goals faster.
Following are some of the most common financial regrets, along with potential solutions that will help you avoid them. Not all will apply to you, but some will, so be sure and read the entire list.
1. “I Should’ve Saved More For Retirement”
Having a nest egg big enough to support you through your retirement means saving as much as possible for as long as possible. But it’s also critical to make sure that money is working as hard for you as you did for it.
The best way to do that? Working with an investment and planning professional who can help you grow your wealth.
A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself but more than $3.4 million if you work with a financial advisor. That’s twice as much! It’s life-changing.
The key is finding the right professional with your best interests at heart. In the past, this wasn’t easy. However, these days, some tools can make a difference.
If you have $150,000 or more in investable assets, Zoe Financial can connect you with rigorously vetted financial advisors. Zoe only works with unbiased fiduciary advisors who will act in your best interest and offer white-glove service. Best of all, finding an advisor through Zoe is complementary; schedule as many initial consultations as you’d like for free.
It only takes a couple of minutes to get personalized advisor matches. Why not click here and check it out right now?
Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”
2. “I Should’ve Bought Long-Term Care Insurance”
Here’s hoping your retirement years are active, healthy and vibrant, and that you’re able to function as you always have, right up until the time you shuffle off this mortal coil.
But don’t bet on it. According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.
To Read More Go to Original Article Here:
https://www.moneytalksnews.com/fast-ways-to-grow-your-nest-egg/