Welcome to episode 149 of Profit Boss® Radio! In this episode, I’m taking a peek behind the curtain to reveal the top eight investment mistakes that can derail your retirement.
Why am I covering this topic? Well, because if you are a listener of the show, not yet a client, there is a large possibility that you may be managing your investments on your own, or perhaps you have a relationship with a financial advisor who has saddled you with investments you have mediocre confidence in. If that is the case, I want to equip you with knowledge that can inoculate you against making these common investment missteps that can undermine your ability to reach your full wealth potential. You see, the financial mistakes that can negatively impact your financial trajectory are often the ones you don’t see coming or don’t know to watch out for.
Lucky for you, you’re a listener of Profit Boss® Radio, and I’m about to blow the whistle on investment mistakes that can cost you significantly in retirement.
Here is what you’ll find out in this episode:
- Mistake #1: Making Investment Decisions Based on Emotion
- There is a lot of chatter in the media about the markets. If you listen to what the pundits have to say, you may be swayed to make emotional reactions to the market rather than remaining objective and steadfast.
- Find out why you should never make emotional investment decisions and how these sorts of decisions usually end up.
- Mistake #2: Using Name Brand Mutual Funds that Cost Too Much
- How to know if a mutual fund has high returns
- Why you should pay attention to how a fund performs relative to the benchmark
- Why name brand mutual funds are so expensive and who ultimately absorbs the costs
- Mistake #3: Using Name Brand Mutual Funds that Have Low Rates of Return
- All of the data we have says that no matter how much they get paid, Wall Street mutual fund managers will under-perform their benchmarks over the long periods.
- What the research reveals about name brand mutual fund performance and why you should care.
- Mistake #4: Owning Individual Stocks
- Why the average investor will never beat the market
- What historical data teaches us about individual stock performance
To find out the remaining four common investment mistakes I cover in this episode, be sure to tune in for more insights.
Resources and Related Profit Boss® Content
- Understanding the Role Risk Plays in Your Investment Strategy
- 6 Ways Women Can Become Better Investors
- 5 Things Women Should Know About Investing
- What is a Fiduciary? More importantly, why should you care?
Call for Listener Stories
Hey Profit Boss® Radio listeners! If you reach a financial goal you’re proud of, tell me about it! Remember, the Profit Boss® community is here to support you and that includes celebrating with you when you accomplish something incredible.
- If you crush a specific financial goal, I want to hear from you.
- If you’re thankful for something that has happened in your financial life or career, I want to hear from you.
- If you are making big financial or career plans, I want to hear from you!
Your financial success is possible and so many of you are already making that a reality! So, don’t keep your wins to yourself! Share them with me so that I can air them throughout the year on Profit Boss® Radio.
Email your audio clip to email@example.com. And we’ll be in touch if we plan to air your story. Thanks, ladies!
And let’s not forget that this show is powered by you and your stories and questions. Every month I’ll be doing an #AskHilary episode where I answer listener financial questions.
- So, what’s that top of mind money question that’s been pinging around in your brain?
- Where have you been stopped?
- What have you been arguing with your spouse or significant other about?
- What tip or tool aren’t you sure about?
- Do you have questions about saving? Spending? Budgeting? Investing?
Pick up your mobile phone right now. Yes, right now. And open your voice recorder app. Yep, go ahead and open that app and record yourself asking me that question. Just say your name, first name only is okay, and then what city you’re from, and then ask away.
Anything you want to ask. And once you’re done recording, export that beautiful little recording and email it to firstname.lastname@example.org. I can’t wait to hear your questions!
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Hendershott Wealth Management, LLC and Profit Boss® Radio do not make specific investment recommendations on Profit Boss® Radio or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.