So much of financial planning is about managing risk. That’s why it is so important to understand the financial “don’ts” as much as understanding the things you should do when it comes to making decisions about your money.
That’s what we’re exploring here in Episode #49; some financial “don’ts” that we hope you can avoid. Some of the big don’ts focus on relationships—marriage relationships and business relationships—as well as who to take advice from. Not all advice is equal, and we’re digging into that hot topic.
We also discuss some don’ts around taxes and investing. What should you invest your time and money in? It can be somewhat subjective, but there are some ground rules you should definitely follow.
This is some real talk about mistakes to avoid and advice on how to recover when you stumble into some don’ts.
What You Will Learn in this Episode:
- Why you don’t have to feel guilty about investing in your marriage
- What to do when you are in a bad business partnership
- How to avoid analysis paralysis
- Why investing in things you don’t understand is so risky
- Why a tax break alone is not a good enough reason to make an investment
- When to ask for help with managing your finances
- Do not buy a timeshare. Just don’t
- How to measure the value of buying “toys” like boats and RVs