With a quote that can, once again, be attributed to John Greenleaf Whittier, here are the next five decisions that if you fail to act upon you’ll be kicking yourself for in the not so distance future:
- Don't be a DIY investor when you haven't a clue what you're doing. Would you try an open heart surgery after watching a few YouTube videos? Of course not. So why would you consider investing by yourself without the help of a professional?
- Misjudging important insurance policies. If you passed away today, what kind of shape would you leave your family in? You may need life insurance or disability insurance—and perhaps long-term care insurance if you're over 55 years old. Don't avoid a review of insurance policies that will protect you from financial ruin.
- Treating your retirement like a distant second cousin. Saving for retirement is crucial. If you're depending only on Social Security for income, think again and think much harder! You won't be able to maintain the lifestyle you want in retirement with Social Security alone unless you're the most frugal person in the country. Perhaps not the most desirable title to have when trying to enjoy your golden years.
- Don't neglect important money conversations with your spouse. Want to blow it big time? Go ahead and try to handle all of your financial goals without the input of your spouse. These money decisions should be discussed and agreed upon. It will be worth it, now and in the future.
- Be realistic about your recurring expenses. These expenses can put a hole in your wallet. Examine your recurring expenses and decide which ones you absolutely have to have and which are discretionary. For example, if you have a high cable bill, ask about a discount. There are many ways to save on recurring expenses.
Reference: Forbes (February 15, 2016) "10 Financial Choices You'll Regret in 10 Years"