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Wednesday, 18 October 2006

Common mistakes in Personal Finance

Some common mistakes people make when planning their finances:
    Not setting measurable financial goals.
    Thinking that only the wealthy need a financial plan.
    Thinking that you can avoid starting to plan until you get get older.
    Thinking that financial planning is the same as retirement planning.
    Confusing financial planning with investing.
    Making a financial decision without understanding its possible effects on other aspects of their finances.
    Neglecting to review their financial plan periodically.
    Waiting until a money crisis to begin financial planning.
    Expecting unrealistic returns on investments.
    Thinking that you can leave decision making to a financial planner.
    Not understanding what a financial planner is advising.
    Paying excessive fees for the sake of convenience.
    Believing that financial planning is primarily tax planning.

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