The investment world comes with such a maze of options and pitfalls that it’s little wonder people routinely become entangled in monumental and costly mistakes.
Tax implications lurk behind nearly every move. Investment risks vary from negligible to moderate to great.
And it’s not just a matter of making the right financial decisions. It’s making them at the right time. Doing the right thing at the wrong time makes it the wrong thing to do.
April is National Financial Literacy Month and it’s a good time to help your clients take stock of where they are money-wise and explore how they can improve.
By asking the right questions or taking the right precautions, you can help your clients sidestep these common financial mistakes.
Becoming infatuated with the latest hot investment.
It’s easy to be seduced by whatever is creating the greatest buzz. After all, you don’t want to miss out while everyone else is reaping rewards. Resist the temptation. Momentary sizzle doesn’t guarantee long-term success. Hot investments are like ice cubes. They’re solid when you get them, but they soon liquefy and when you liquidate, your gains trickle away.