Common Financial Mistakes #7: Racing to a Finish Line


In our top financial planning mistakes series, Zach Conway of Conway Wealth Group discusses how we tend to focus too much on retirement and not enough on living a happy and financially secure life every day.


Transcript


It’s time for our seventh and final item on our list of the top seven financial planning mistakes. Racing to a finish line.

You’ve seen the commercials. You’ve seen the rocking chairs, the sunsets, the golf, and the sailboat. If you watch enough of these financial planning ads on TV, you’ll notice a consistent theme. Your plan should reflect the singular goal of retiring at a specific age, and sailing off into the sunset without a care in the world.

There’s nothing inherently wrong with looking forward to no longer working, but we tend to get so wrapped up in the utopian promise of retirement that we forget to live happy lives every day. Financial planning should be about more than racing to a finish line.

Here’s the fix. Always have long term dreams, but remember to work toward aligning life and wealth on a daily basis. Pay attention to passion, and remember to enjoy day to day life and to work towards shorter term goals. Your financial planning should reflect this. Start to think about how proper planning might allow you to make changes you didn’t think possible until retirement.