“Knowing what we know now…” is a phrase you hear a lot, especially lately. If you knew ahead of time, what would you do differently? What can we learn from these financial mistakes?
Sometimes you look back on your decisions and wish you made them differently. You can’t go back in time, but you can learn from the mistakes of others. We’ll talk about five scenarios where hindsight can bring some clarity and perspective.
Feeling paralyzed by fear? In 2008, some moved their investments to cash and then lost out on major growth in the past decade. On the flip side, some didn’t realize just how risky their portfolio was until market volatility hit recently.
Hindsight allows you to see things more clearly, but what happens when it’s too late to go back and make a better decision? Consider for instance, Social Security benefits or wishing you put more money in Roth IRAs. What is your plan? Do you have a strong strategy for each of those?
Are you overeager to retire? Perhaps you think you are ready to retire, but in all actuality it’s just time for a change but you aren’t ready for all of retirement. Will you have enough money to retire with the lifestyle you want?
Instead of learning these lessons the hard way yourself, take these mistakes of others to heart in order to avoid them yourself. We hope this episode of the podcast prompts you to think ahead and make wise decisions, before it’s too late!
Listen to the full episode or click on the timestamps below to hear a specific segment.
1:46 – Being too scared meant too conservative with investments.
2:50 – Too much risk you didn’t realize until the market crash.
4:04 – Misunderstanding Social Security can cause panic later on.
5:23 – Wishing you put more money in Roth IRAs.
7:01 – Retiring too early and needing to go back to work.
[spp-tweet tweet=”Don’t wait until the last minute to try to do it because then you’ll be trying to look backwards. Some decisions that you make cannot be undone. Let’s have a little foresight so we don’t have to look back and say, “I wish I had done this differently. -J’Neanne Theus”]
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