Mistake #1, Not Doing Any Planning At All
Most Human Beings have a tenancy to either procrastinate or totally avoid doing things that seem either scary or daunting unless we absolutely have to or get penalized if we don’t…kind of like paying taxes.
If you don’t pay taxes, you get penalized….if you don’t plan for retirement, no one is going to penalize you (except maybe your spouse lol).
A lot of people think that having a 401k or a pension is a plan, but really that’s just one part of a big picture that needs to be mapped out for you to really know where your going.
For people that are starting late, the saying it’s never too late applies.
Good advice is also start as soon as you can.
Charlie Jewett of Renovating Retirement meets with all types of people, from early twenties who are ambitious and excited to map out their future to people in their sixties.
It’s pretty common to find business owners in their sixties who have kept pumping all their profits back into their business without any thought to their own personal savings.
Charlie added some advice if you are starting late.
“This is where you get into making sure they understand that if you started later in the game, you really can’t afford to take any losses, pay high fees, or make mistakes….when your younger you can bounce back much easier than if you’re in your fifties or sixties.”
Start with building your financial blueprint at https://renovatemyplan.com and on the next Living808, we address Mistake #2, Having a Retirement Plan That You Can’t Plan On.