If you're working towards retirement you know that investing wisely is a key part of reaching your goals. The problem is, investing means putting your money at risk. That's stressful. As a result, many of us tell ourselves lies or believe "trues" that can be dangerous to our financial future. In this episode, I'll discuss 7 lies we tell ourselves about investing and how to avoid them.
The 7 Lies We Tell Ourselves About Investing
- There is too much uncertainty right now to invest
- I'm not wrong, the market is
- Thinking the current trend will continue
- I just need to hold a losing investment until I get back to even
- Past performance can predict future results
- I just need to find an investment guru
- Investing alone will make me wealthy
How to Avoid Them
- Come to peace with the fact that the future is unknowable
- Educate yourself about how investment markets work
- Use a sound process for investing
- Diligently monitor and adjust your plan as your life unfolds
Last month I conducted my 1st annual listener survey. A big thank you to all that participated.
Here are some interesting facts about you:
- 100% of you are male (do ladies not take surveys!!!)
- 73% of you are over 50 (makes sense)
- 73% of you have been married over 20 years (great job!!)
- On average you have 3 children
- 42% of you say you never plan on retiring (I'm with you on this)
- Top retirement concerns include
- Investing and the economy
- Healthcare costs
- Running out of money
- Top retirement goals include
- Spending time with spouse
- Spending time with family
Some of your top questions you need answered are:
- What's the best way to invest for income?
- When is a will sufficient (without a trust)?
- When should I start social security?
- How do I create passive income?
- What is the right portfolio mix during the different stages of retirement?
- Will the popularity of index investing cause more investment bubbles?
In future episodes, I'll work to answer each one of these questions.
What is the #1 Thing You Struggle with As You Work Towards Retirement?
Tell me in the form below and I'll try to help.