5 Financial Mistakes you WILL regret
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- čas přidán 26. 06. 2024
- I’ve been advising clients for 25 years and inevitably over that time, there are some recurring themes across the hundreds of different situations I’ve seen. Today I want to highlight five of the biggest mistakes that I see people making. These are the things I spend time helping my clients avoid, and they’re probably not what you think…
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Chapters:
00:00 Welcome
00:46 Mistake 1 - Analysis Paralysis
01:54 Mistake 2 - Hasty decisions
02:44 Mistake 3 - Not living for today
03:56 Mistake 4 - Getting caught in the weeds
05:39 Mistake 5 - Being too black-and-white
06:32 Resolution
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My Dad fell into the planning too much for the future, he had a good pension, property and loads of plans for retirement and beyond but died at 69 having done none of it, I wont be making that mistake and intend of make the most of my later years, 55 this year so banking on another 20 good years at best then I am either going to be dead or useless.
I'd say this is another potential mistake if you don't mind my observation: Over-compensating based on the perspetion of our parents' mistakes. You are just as likely to get to 75 with a fantastic bill of health and no money wishing you had done what your Dad did. Your kids will then repeat the 'mistake' of their grandparents in view of your 'mistake', and so the cycle continues. Btw, it's an anevitable mistake we all can't help making. Everything in moderation is the secret to life. It sounds boring, but doesn't need to be. I spent the first 40 years of my life throwing caution to the wind because I lacked the confidence to believe I'd amount to something. I amounted to something and am now back-peddling by saving 80% of my earnings realising that I probably will be around when I am old, even after having faced latter stage cancer. This is why Pete is bang on when he says each plan is personal. So, ignore what your Dad did and look at what exactly you are doing. I think Pete's other point about seeing money as a tool is superb - ask yourself what things you'd like to do now, later and in retirement. Then carry them out. Good luck to us all :)
My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
Luckily for your dad he decided to have at least one child who could benefit from his discipline and graft.
I must say you are an inspiration because I started up investing and trading as a scared investor who doesn’t want to lose money, glad to say I’m very profitable now and bought my first house through it
All firms should do retirement courses like this
Fantastic video as ever Pete thank you. After paying off a 25 year mortgage in 8 years and 8 months last year I did a lot of mental housekeeping. I am 53, single, no kids, no debts, decided to continue to save and invest aggressively, upping my salary sacrifice into defined pension contributions, opening a stocks and shares ISA and drip feeding, and rotating money in short term high interest paying savings account. But I’ve also started taking time out for myself, doing things I want to do but never could until now, mainly travel. Taking lots of short breaks during the summer months using up my annual leave and starting to plan for future trips. Gives me something to look forward to while dealing with the dreary everyday reality of a stressful and a mind numbing soul destroying job which pays the bills. A lot of what Pete says resonates with me and I am not only following his advice but also validating my decisions and choices with his videos. Thank you Pete. I am living for the now.
Single at 53 sounds rough
Yeah crying into my pillow every night.
I needed to hear this!
Could not agree more! Thanks.
Great video Pete 👍
Great short video.
The big mistake I made was no. 2.
2 parts to it (1) choosing the wrong financial advisor (2) putting lump sums in rather than drip feeding (I know what the stats say but I've done both and for my personality I'm more comfortable with drip feeding).
The only other one 'big mistake' that I think could join these 5 is KISS. Keep it simple stupid. The mistake is to complicate things. That's something I've learnt over these past 4 years.
My daughters 'one fund' passive portfolio is outperforming mine (which consists of about 20 funds - from passives to wealth preservers to tech to green). I'm now in the process of simplifying.
The fire movement strikes me. Some try to retire at 40 after just 15 -17 years of employment. But they sacrifice their youth and you never can turn those years back! Retiring early is a wise move of course as nobody wants to work in their 60s. Anything around 55 which will soon be 57 makes perfect sense. Plan it without sacrificing today
Completely agree. 60 seems about right, gives time to enjoy your life while you're young and also a decent amount of time in retirement while you are still hopefully fit and able. Would mean working for around 35 years so enough NI for state pension and potentially 30 years retired. A good balance.
I'm 61 and still working. While I have no desire for promotion or more responsibility, getting paid a higher rate tax salary and watching my pension go up is more pleasurable than paying an early retirement penalty in order to see my pension payments get eroded by inflation.
Excellent video, thank you Pete.
Glad you enjoyed it, thank you!
Good information. Thank you Pete
Very welcome!
Absolute wisdom! Whilst seemingly obvious, you're spot on with all of these. Thank you for making me feel I'm doing the right things and making the right decisions!
Glad it was helpful, David!
your videos are brilliant, keep 'em coming.
Thanks, will do!
Good advice 😊
Thank you!
Being humble and teachable. Agreed ❤
So important, Alex!
Love you Pete, this one got me in tears. I am 36, paid all my debts and mortgage and have been so far focused on the future I forgot about the present. I don’t and won’t have off spring as a gay man and I can afford to spend money on luxuries but the guilt of spending anything on non-essentials has made me unhealthily frugal with over 80% investing/saving rate with unclear end goal in mind.
I feel your pain! Start small, and grow into the permission to enjoy yourself now. It doesn't have to be either or you can save at really good rates and still spend on yourself too. I wish you well - you've got this!
@@MeaningfulMoney Thank you so much Pete, it will take a lot of reframing in my head but I’ll work on it x
I enjoy your videos and have just subscribed. Twenty three months to go for me !
Great video Pete...I eventually got around to changing my default pension funds this morning (No.1) , and then thought 'have I reviewed enough...' (No.2) 😁
haha! You'll be fine, Mark!
@@MeaningfulMoney It was funny to watch…that’s me…oh, that’s me too! 😂
Did you change it to avoid the Mansion Pact?
Listening to good advice is the way to wealth.
I agree with that, for sure! As long as you take action on it...
Thanks Pete and yeah, living for today for me is purchasing a new motorcycle and I may pop down at some point to test run it :)
Come knock the door if you do 👊🏻
Very interesting as always Pete thank you.
One question is there anyway of emailing over a couple of questions to you or meaning full academy ?
Thanks Graham
Yes Graham. hello [at] MeaningfulMoney [dot] tv
Living for today one is the toughest. Our junior at work is likely going to need towards a 1m in pension for retirement and hes aware. Problem being hes not doing all the stuff he should be (snowboarding with friends) to try and make sure he gets there. Think he'll regret that. Youth wasted on the young springs to mind.
Awesome work as always though Pete. ❤
Don’t regret the things you didn’t do later in life. Imagine foregoing snowboarding when you’re young and fit enough to really enjoy it so that you can go later in life when your old knees and hips mean you can’t even get on the stand in the board let alone enjoy it
Thanks guys. He'll never get there if he does nothing, but I also agree with Robert's reply - far better to do it while he can than to regret it later when he can't.
Pete,can you please do a video on the effects of the governments LTA pension changes.
I intend to retire next April and would appreciate any potential pitfalls that I might expect explained.
Would it be prudent to make a move sooner rather than later.
I have a DB pension. Many thanks.
And being Scammed..on investments, romance scams, lending to others, etc..
Hi i cant find your podcasts on spotify ?
Can you do an episode on student loans? Plan 1 loans track the base rate so they have gone from 1% to 5.5% in recent years and now the interest can be 4 figures a year easily. Not quite the "cheapest loan you will ever get" at least not anymore.
Mistake number 3, just trying to be sensible but easy to take too far! 😟
Hi pete, im after some advice.
I have 8 years left on my mortgage and i have enough capital to pay it off.
Should I use my capital to pay it off or should I put my capital into my pension and just keep paying the mortgage?
I was just about to watch yet another car review when I decided to watch this instead. 1 and 3 sum up my car buying progess to date.
Hi Pete, Thanks for posting some really informative videos. I was wondering if I could have your opinion if that's ok. I don't contribute to my personal pension monthly but top it up in one bulk amount yearly. Since the war in Ukraine, it has dropped. I invested 20k in December 2022 and its now lost that amount. Therefore do you think I should wait until the market improves to make another lump sum or do it now any way regardless of the financial climate. I would appreciate your thoughts. Many thanks Vincent
Do it now. If you’re down that much, think of it as buying shares on sale. Why wait till they are more expensive? One thing to remember - always be buying…
How do i get in touch mate? Want to open investment pension.
You don't need us to do that. Great place to start is ask the MM community on facebook here: meaningfulmoney.tv/community and then set it up yourself. Loads more information on the channel...
I am mistake number one and feel less clear than I was 6 month ago 🤣
I used to be indecisive but now I'm not so sure 🙂
I think I may have won mistake bingo!
I won too! 🎉
HOUSE! Most of us have made them all to a greater or lesser extent. But as long as we learn from them, we'll be OK...