How To Find A Financial Advisor To Help You Avoid These Mistakes

How To Find A Financial Advisor To Help You Avoid These Mistakes
Educational Series

How To Find A Financial Advisor To Help You Avoid These Mistakes
Educational Series

Fiduciary Wealth Management: How to Find A Financial Advisor by Reading Their Strategies

Fiduciary Wealth  Management, a Registered Investment Advisor firm in Miami

The biggest mistake that I’ve come across is people being too conservative.  The emotions of losing money are far stronger than the emotions of making profits. The problem, however, is if the person doesn’t take enough risk to get the returns needed for their retirement goals, by the time they realize it, it’s too late.

When people are saving for retirement in a 401K or another employer-based retirement account they often put in less than what the company matches.  That’s a costly mistake because not only do they miss out on the extra percentage savings they would have for themselves they miss out on the dollar-for-dollar match.  People should always contribute at least the percentage that the employer will match.

Probably the most common mistake is not clearly identifying their goals. Saying “I want to retire at 65 years old” isn’t a goal.  By doing some quick and easy calculations people should make their goals “SMART”.  The goals should be: Specific,  Measurable, Attainable, Relevant, and Timely.  “I want to retire at 65 years old with a monthly income of $$$ from my investments, $$$ from social security, and have enough left when I pass to leave for my children.” That is a goal that can be targeted and planned for.  There are lots of free resources including those at miamiria.com that allow you to calculate how much money an investor will need in order to maintain the same standard of living they have today.

Going through life with “recency bias’ is more pervasive than people think.  The tendency to believe what has happened over the past year or two will be what occurs in the future severely hampers people’s ability to consider that a return to long-term trends is likely to occur.  There is a saying that people should consider when planning for retirement.  “It’s Different This Time” are the 4 most costly words a person can utter. So when trying to finance that perfect retirement, consider the very long terms trends of valuation, interest rates, and taxes and use those as your assumptions.

Charles Bender – President

Fiduciary Wealth Management          

305-322-4075

305-972-7770

https://miamiria.com

https://www.facebook.com/assetwealthmanagement

https://www.linkedin.com/in/miamiria

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How To Find A Financial Advisor To Help You Avoid These Mistakes

Share this post

Fiduciary Wealth Management: How to Find A Financial Advisor by Reading Their Strategies

Fiduciary Wealth  Management, a Registered Investment Advisor firm in Miami

The biggest mistake that I’ve come across is people being too conservative.  The emotions of losing money are far stronger than the emotions of making profits. The problem, however, is if the person doesn’t take enough risk to get the returns needed for their retirement goals, by the time they realize it, it’s too late.

When people are saving for retirement in a 401K or another employer-based retirement account they often put in less than what the company matches.  That’s a costly mistake because not only do they miss out on the extra percentage savings they would have for themselves they miss out on the dollar-for-dollar match.  People should always contribute at least the percentage that the employer will match.

Probably the most common mistake is not clearly identifying their goals. Saying “I want to retire at 65 years old” isn’t a goal.  By doing some quick and easy calculations people should make their goals “SMART”.  The goals should be: Specific,  Measurable, Attainable, Relevant, and Timely.  “I want to retire at 65 years old with a monthly income of $$$ from my investments, $$$ from social security, and have enough left when I pass to leave for my children.” That is a goal that can be targeted and planned for.  There are lots of free resources including those at miamiria.com that allow you to calculate how much money an investor will need in order to maintain the same standard of living they have today.

Going through life with “recency bias’ is more pervasive than people think.  The tendency to believe what has happened over the past year or two will be what occurs in the future severely hampers people’s ability to consider that a return to long-term trends is likely to occur.  There is a saying that people should consider when planning for retirement.  “It’s Different This Time” are the 4 most costly words a person can utter. So when trying to finance that perfect retirement, consider the very long terms trends of valuation, interest rates, and taxes and use those as your assumptions.

Charles Bender – President

Fiduciary Wealth Management          

305-322-4075

305-972-7770

https://miamiria.com

https://www.facebook.com/assetwealthmanagement

https://www.linkedin.com/in/miamiria

Share this post

How To Find A Financial Advisor To Help You Avoid These Mistakes

How To Find A Financial Advisor To Help You Avoid These Mistakes
Educational Series

Fiduciary Wealth Management: How to Find A Financial Advisor by Reading Their Strategies

Fiduciary Wealth  Management, a Registered Investment Advisor firm in Miami

The biggest mistake that I’ve come across is people being too conservative.  The emotions of losing money are far stronger than the emotions of making profits. The problem, however, is if the person doesn’t take enough risk to get the returns needed for their retirement goals, by the time they realize it, it’s too late.

When people are saving for retirement in a 401K or another employer-based retirement account they often put in less than what the company matches.  That’s a costly mistake because not only do they miss out on the extra percentage savings they would have for themselves they miss out on the dollar-for-dollar match.  People should always contribute at least the percentage that the employer will match.

Probably the most common mistake is not clearly identifying their goals. Saying “I want to retire at 65 years old” isn’t a goal.  By doing some quick and easy calculations people should make their goals “SMART”.  The goals should be: Specific,  Measurable, Attainable, Relevant, and Timely.  “I want to retire at 65 years old with a monthly income of $$$ from my investments, $$$ from social security, and have enough left when I pass to leave for my children.” That is a goal that can be targeted and planned for.  There are lots of free resources including those at miamiria.com that allow you to calculate how much money an investor will need in order to maintain the same standard of living they have today.

Going through life with “recency bias’ is more pervasive than people think.  The tendency to believe what has happened over the past year or two will be what occurs in the future severely hampers people’s ability to consider that a return to long-term trends is likely to occur.  There is a saying that people should consider when planning for retirement.  “It’s Different This Time” are the 4 most costly words a person can utter. So when trying to finance that perfect retirement, consider the very long terms trends of valuation, interest rates, and taxes and use those as your assumptions.

Charles Bender – President

Fiduciary Wealth Management          

305-322-4075

305-972-7770

https://miamiria.com

https://www.facebook.com/assetwealthmanagement

https://www.linkedin.com/in/miamiria

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How To Find A Financial Advisor To Help You Avoid These Mistakes

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