fbpx

Financial Advisors Reveal Their WORST Financial Mistakes!

March 1, 2019

Do you know where wisdom comes from? It comes from learning from your mistakes. Back in 2013, we had an episode where we shared the mistakes we had made. Now in 2019 we are revisiting and updating our list of mistakes and sharing those with you today.

Tune in to this week’s episode of The Money Guy Show as we cover Money Guy misses remastered. We are human and make mistakes, too! By sharing our mistakes with you, we hope that it will help you avoid the financial mistakes we made and continue guiding you on your path toward financial independence.

Here’s What You’ll Find Out in this Episode:

  1. Not having enough cash reserves: Cash is there to protect you from bad or unexpected events. You should have at least 3-6 months of income available in your emergency reserves.
  2. Always know and understand where you are investing your money: Sometimes simple is better. Just because that investment is popular does not mean that it is the best for you or your family. Ask questions and gain a proper understanding of your investments.
  3. Don’t invest your money without a core investment philosophy: What is your Why? One of the first questions you should ask your investment advisor is what his or her investment philosophy is and make sure that you have an investment philosophy as well.
  4. Be honest about your financial blind spots and limitations: Know what you know and be honest about what you don’t know. It really does take time to learn about investing. Don’t be overconfident.
  5. Don’t gamble and call it investing: There are some investment products that are incredibly risky. Options are a hot product, but they are time sensitive. Don’t gamble and speculate. Make sure you are going through the order of operations to be successful.
  6. Having an emotional attachment to holdings: Those emotions will sometimes skew your vision toward your holdings and prevent you from making the smartest financial decisions.
  7. Don’t be too cheap: Sometimes your desire for saving a buck will place you in a position that is not conducive to your financial situation. Also, don’t sacrifice quality in an effort to be frugal. You may wind up purchasing more often, then.
  8. Buying used vehicles that are naked and not protected by warranty: There is a point that used cars will have high maintenance costs that overshadow the savings of purchasing used.
  9. Measure twice and cut once on big life goals and purchases: Just because you can afford the payment does not mean you can truly afford the purchase. The monthly payment is not what you can afford. The actual cost of the item is what you have to evaluate.
  10. Have a plan (Plan of survival): Planning is paramount. You should have a plan for all scenarios. For example, if you change jobs or start a business, you should have three plans. First, a plan for the worst case scenario. Second, a plan for what you think will likely happen. Third, a plan for when all the stars align.

Becoming Wealthy in Your Lifetime (can be relatively simple):

  1. Save 15-20% of your gross income
  2. Avoid debt as much as possible
  3. Focus on investing in yourself and finding a job that truly does not feel like work

Resources Mentioned in This Episode         

Enjoy the Show?

Tune In and Go Beyond Common Sense with the Money Guys

This show would not be what it is today without the support of our wonderful listeners. We strive to continue making the show better and your feedback is an important part of that process.

If you have any questions/suggestions/comments/concerns (or just want to say hi!), feel free to reach out to us: [email protected] and [email protected] You can also join the conversation on Facebook or connect on Twitter @MoneyGuyPodcast.

If you enjoyed this episode, be sure to join our community! You’ll never miss special announcements and offers, plus you’ll get future podcasts and blog posts delivered straight to your inbox so you can get in on the action right away.

Most Recent Episodes

3 WORST Types of Financial Crooks (Don’t Get Scammed!)

In the financial world, there are a lot of crooks that try to get into your pockets. From metaphorical crooks selling a bad product to literal crooks stealing your money, we'll cover the different types of financial crooks to watch out for and how you can protect...

Financial Advisors React to NFL Players Spending Their First Million!

Not many Americans will ever make over one million dollars in a year, but professional athletes regularly make that and more. In this react video, we'll see how NFL players spent their first million dollars after making it into the league. As we review their mistakes...

Everything You Need to Know About Real Estate Investing!

Over the years, we have had some great conversations about real estate investing. In this episode, we put together the ultimate guide to show you everything you need to know about real estate investing! In this episode, you'll learn: How to get started in real estate...

The Truth About The FIRE Movement! (Is FIRE Still Possible?)

Since the advent of the FIRE movement several decades ago, we have never experienced a period of higher inflation until now. With the market down over 20% and inflation at 40-year highs, is FIRE still possible in 2022? If it is, what does it take to become financially...

Top 3 Most Controversial Money Issues! (Our Hot Takes)

We have some unpopular opinions about controversial money topics. In this episode, we'll discuss our three biggest controversial hot takes, including our thoughts on nice cars, wealthy people, and real estate. You won't want to miss this one! In this episode, you'll...

Why College in America is Broken [And What You Can Do About It]

College costs in America have skyrocketed over the last few decades, as has the total student loan debt in the country. In this episode, we'll talk about why college in America is broken, what went wrong, and how you can do college the right way. In this episode,...

Why This Recession is Going to Be VERY Different!

Every recession is different, and this one is no exception: we are currently experiencing once-in-a-lifetime inflation and started the recession with historically low interest rates. Will this recession be different from any other we've experienced? How will it end...

How to Protect Your Finances During a Recession! (By Age)

The S&P 500 recently crossed over into bear market territory, and many in the financial media believe we are in a recession. Bear markets and recessions affect everyone differently, and we think there are certain things you need to focus on (or forget about) by...

Avoid These Home Buying Mistakes! (Even During a Crazy Market)

Housing prices have gone up over 30% in the last two years, and over 70% when you account for rising interest rates. However, there are some glimmers of hope in the housing market for those looking to buy. Will the market cool off anytime soon? How can you buy a house...

Financial Advisors React to OUTRAGEOUS Money Advice on TikTok!

The most powerful time to get serious about building wealth is when you’re young. So, what is the younger generation learning? Financial Advice (good and bad) is being produced in massive rates across online platforms and Tik Tok is the new frontier. Is there good...

Financial strategies to your inbox!

Never miss a show again, get special offers and early access. Ready to build wealth and start owning your time? 

You have Successfully Subscribed!