Combatting Popular Excuses For Poor Financial Decision-Making

We all make excuses from time to time for decisions we know might not be the best. Whether it's about our health, relationships, or finances, excuses can hold us back from achieving our long-term goals.

Very often, Lee sees people who know that the financial decisions that they’re making aren’t the best decisions, but they try to create excuses or explanations for why they’re doing what they’re doing. From making Social Security decisions based on fear to taking on too much risk to make up for lost time, he’ll address some common areas where he sees this happening. Let’s talk about why these excuses usually don’t hold water…

Here’s what we discuss in today’s show:

• Claiming Social Security at age 62 due to fears of it running out of money
• Taking too much risk to make up for lost time
• Holding onto too much cash to keep your money safe
• Investing in things you don’t understand
• Sticking with a financial advisor out of loyalty, even when you should switch

 

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