Seven Common Money Mistakes (And How To Avoid Them)
The Meaningful Money Personal Finance Podcast
Pete Matthew
4.9 • 1.7K Ratings
🗓️ 28 September 2016
⏱️ 36 minutes
🧾️ Download transcript
Summary
Last week we asked some searching questions in a bid to know ourselves a little better when it comes to our relationship with money. This week I want to look at some common money mistakes and how to avoid them. That way, we might have a chance of seeing these mistakes coming, and maybe just side-step them before they derail us.
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Seven Common Money Mistakes
If we want to make the best financial decisions possible, it makes sense to learn from others’ mistakes. No sense in reinventing the wheel if someone else has been there and done it. So this week I want to look some common money mistakes that I have seen all too frequently during my time as an adviser. The longer I do this job, the more convinced I am that a large part of my job is to coach people not to make these mistakes!
The seven common mistakes I see all too often are:
- Taking either too little or too much interest in your finances
- Getting lulled into a false sense of achievement
- Underestimating longevity
- Procrastination
- Coming over all emotional
- Making investment decisions based on news flow
- Rushing into retirement
Listen to the show to see how I suggest you avoid each of these...
Join the conversation
I love to read and respond to your comments, so please do join in and share.
Question: Have you made any of the mistakes listed here? If so, what was the outcome? And what would you do differently next time?
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Transcript
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| 0:00.0 | Hi folks and welcome to the Meaningful Money podcast Season 3, Episode 2. |
| 0:04.4 | It comes a time when one must take responsibility for one's mistakes. |
| 0:16.4 | This is the podcast dedicated to helping you put your finances in order. My name is Pete Matthew |
| 0:22.4 | and I'm going to share with you everything you need to know and everything you need to do to secure |
| 0:26.7 | your financial future. I'm here to help you make sense of money. |
| 0:40.2 | Here we are once again. |
| 0:41.2 | Great to have you with me. |
| 0:44.6 | Thanks for joining me for episode two of season three. |
| 0:47.0 | This season we're talking about behavioral finance. |
| 0:58.9 | Sounds a bit dry, that, but it's possibly, I might even go as far as to say that it's the biggest factor in your personal financial success because it's about how we relate to our money, the decisions we make as a result of that |
| 1:05.9 | and how very often if those decisions are the wrong ones, we can hamstring our future success. So |
| 1:12.8 | last week we asked some searching questions in a bid to know ourselves a little better. |
| 1:17.6 | Told you an embarrassing story of when I was a student as well. But if we know ourselves a little bit |
| 1:23.1 | better as far as our relationship with money is concerned, it can really help. This week I want to |
| 1:28.2 | look at some common mistakes, not an exhaustive list by any stretch of the imagination, just seven |
| 1:33.5 | mistakes, which I come across all the time, and how to avoid them, okay? Because then, you know, |
| 1:39.4 | you might have a chance of seeing these mistakes coming, okay? No point reinventing the wheel. |
| 1:43.7 | If these mistakes have already been made by other people, and I can teach you about them, no point reinventing the wheel. If these mistakes have |
| 1:44.4 | already been made by other people and I can teach you about them, then maybe you can sidestep them |
| 1:48.8 | before they derail you. So as usual, after the main body of the show, I'll cover a couple of |
| 1:54.0 | recent reviews which have been left and announced the next session topic as well. Before I |
| 1:59.9 | go into that, actually, though, speaking of reviews, one of the three winners of Tony Robbins' book has got in touch. |
... |
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