Is Ignorance Ruining Your Retirement?

10
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Is Ignorance Ruining
Your Retirement?
3 Financial Mistakes You Should Avoid During Your Golden Years
A
ECC Staff
mericans are part
of an amazing yet
curious phenomenon: most are extremely well-educated in their
professions and careers, yet
are quite uneducated when it
comes to the purpose behind
their jobs – money.
“Our society is awash in
information about money,
but most people still end up
making decisions based on
emotion and lack of accurate, complete information,”
says Stephen Ng, founder
and president of Stephen
Ng Financial Group, (www.
stephenngfg.com).
An example of the pitfalls
people face when it comes
to money, Ng says, are these
three common mistakes
they make when planning to
fund retirement.
1. Failure to educate
oneself.
A solid base in financial
education is essential for
having a good retirement.
Start small with something
like Barron’s or Investor’s
Business Daily. Don’t fall for
a well-hyped headline, especially if you don’t understand the logistics of a strategy or product. One size does
not fit all, so be wary of any
silver-bullet financial solutions, he says. And, don’t be
afraid to start from scratch.
This way, you can understand money the right way.
2. Sleepwalking
without a plan.
It happens to all of us sometimes – we simply haven’t
prioritized forward thinking.
For retirement, wading into
this period without a plan is
like going to the beach and
neglecting your bathing suit,
towel and sunscreen. If you
are approaching this stage in
your life with no plan, there’s
no use kicking yourself now.
But – now is the time to formulate a sensible and realistic
plan. Understand your money and your assets and read
up on how you might be able
to use them. Here, the help
of professional advice could
prove absolutely invaluable. A
professional may see opportunity where you cannot as a
layperson, Ng says.
3. An inability to
fully appreciate
diversification.
What’s the harm in sticking
with one financial product if
it’s working? Many people
thought the same way before
2008. A financial portfolio
more diversified among different investment and insurance products may reduce or
minimize loss during an economic meltdown.
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“I try to spread my clients’
investments across various
asset classes, which refers
to a bunch of investments, or
assets, that are grouped by
their similarities,” Ng says.
“These classes included large
cap, small cap, mid cap, high
yield, international and domestic. Again, professional
advice in this and other arenas is advisable.” ECC
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