The Ten Biggest Financial Mistakes People Make

Most financial planners agree about the ten most common financial planning errors people make.  Here’s the list.

  1. Failing to plan retirement financing.
  2. Failing to carry an “umbrella” policy to protect against risks not covered in other policies.
  3. Investing too much in one stock, usually the employer’s stock.
  4. No disability insurance or too little disability insurance.
  5. Holding investments which are not productive.
  6. No will or an outdated will.
  7. Failing to use a short term trust to save taxes.
  8. Investing in unwise or unnecessary tax shelters.
  9. Relying on variable income to meet fixed expenses.
  10. Failing to coordinate estate planning with personal financial planning.