Critical Thinking Required

Self-Imposed Financial Tragedies: Why & What Not To Do (Part 2)


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This is Part 2 of our Self-Imposed Financial Tragedies series.  As we stated last time, almost everyone makes at least one of these mistakes in life, regardless of whether you are the wealthiest person, a scientist with a 180 IQ, or a financial expert.  It's important to be aware of these behavioral tendencies so that we can avoid long-term disasters.  Some self-imposed financial tragedies are: saving too much and never enjoying your life; FOMO/herd mentality; following other people's actions when the scenario doesn't apply to you; never figuring out "what is enough" for you; and spending because you couldn't have anything when you were young.  As Dan and Tim said, to defeat these self-imposed tragedies, it's important to raise awareness of the issues, don't rush yourself, and take a pause when making a decision!

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Critical Thinking RequiredBy LBW Wealth Management

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