Six weeks ago, we started on a journey revealing the seven most common money mistakes people make. The goal of this series, The 10 Beliefs, is to walk you through costly mistakes smart people make when planning and saving for retirement.
Once we hit all seven, and you know what you shouldn’t do, we’ll move on to the ten things we believe you absolutely should be do. We believe you can stop worrying about money, gain confidence and financial freedom, secure your lifestyle and retire happy with dignity and grace.
To start at the beginning or read one you missed, scroll to the end of this article for links to every post in the series.
Mistake #6 – Believing Dreams Must Die
For many, they spend their working years with an end goal in mind. Their life working has an expiration date. They don’t want to work forever. But we see many who feel that the expected goal of living out their retirement in ease and comfort has become harder to realize. Too often, our golden years turn into broken hopes and dreams. So, we sacrifice now to ensure we don’t run out of money.
How many retirees have you seen that had to tighten their belts? They only eat out during senior hours. If they go on a vacation, it’s somewhere they can drive and stay with friends or family.
They do without now, to save a little more. Or maybe they even tell themselves it’s okay to settle for less than they dreamed. Anything to avoid going broke in retirement.
It’s hard not to worry that this is the choice we’ll end up facing: do without now or go broke later.
The option seems obvious to many. They lower their lifestyle now. They do without in order to save a little more for the future. They might even convince themselves that it’s okay to settle for less than they dreamed. Anything to avoid going broke in retirement.
But we don't think you should settle. We don’t think that this kind of choice is necessary.
We’ve found with a Custom Financial Blueprint and a Tailored Investment Strategy, you don’t have to settle for broken hopes and dreams. You may never have to be a burden or figure out how to live on a shoestring budget.
You can hold onto your retirement dreams. The tough choices we all face don’t have to destroy our lifestyle now or after our working years.
Hold onto your dreams. Simply by doing a few things, and avoiding the common mistakes can give you a better chance at keeping the retirement you've always envisioned. Our last mistake, Mistake #7 – Turning A Blind Eye talks about how many people don't want to look at their current spending and financial situation because they're afraid of those tough choices. Just because you don't see a problem, doesn't mean it isn't there. Ignoring it often makes it worse. You can catch that post here: Mistake #7 - Turning A Blind Eye.
You can also grab all of the mistakes and beliefs in a free download. Grab it here.