Common Financial Planning Mistakes #1: Waiting
In our top financial planning mistakes series, CEO Michael Conway of Conway Wealth Group discusses how waiting to start your financial planning can lead to more stress down the line.
Speaker 1: Hi everyone. What’s the number one mistake people make regarding financial planning? I’ll tell you. Waiting. Everybody waits. In fact, only 38% of people actually have a plan in place; only 38%. Ironically, when polled, what’s the number one stress for people? Finances. So, people are stressed out about it but they’re also waiting. Only 38% of people have a plan in place. Unfortunately, we tend to avoid our issues rather than face them head on. Without a plan, many Americans don’t save enough, spend beyond their means, and make bad investment decisions. Planning often starts after it’s too late. Which means, waiting is the mistake that breeds mistakes. So, stop what you’re doing and take action. Write down your current financial needs and future goals. Most important, find a professional you can trust and get started. The sooner you start, the sooner you can reduce stress and get back to doing what you love.