The emotional and logical parts of your brain often conflict. The emotional part usually has more influence, but the logical part thinks it's in charge. This lends itself to justifying emotional decisions with (bad) logic. We'll explore some of the excuses you're making.

What You'll Learn:

2:45 – A Quote Of The Week.

"There is a gigantic difference between earning a great dal of money and being rich."

- Marlene Dietrich

4:30 - Excuses Surrounding Poor Social Security Decisions. 

• You're eligible to start withdrawing your Social Security at age 62, but that's not always the best decision. However, you might try to justify your longing to withdraw early by suggesting you've "earned" it. You might even suggest it's the logical thing to do. Regardless, you need to make a calculated decision that's based upon your unique financial situation.

6:19  - Excuses Surrounding Risky Decisions.

• If you're taking too much risk, you might suggest you're doing it to make up for long time. While it's understandable you want to play "catch up," you need to be careful with your portfolio as you approach retirement.

8:44 - Excuses Surrounding Your Cash.

• Perhaps you're risk averse, and you have too much money in cash. While it seems like a safe decision to put your money in cash, doing so could hurt you as much as keeping your money in risky investments. Consider the effects of inflation on your portfolio.

13:51 - You Need To Know How Your Advisor Gets Paid.

• It's a simple question. Don't be afraid to ask it. Any good financial advisor will be candid with you about this information.

15:47 - Watch Out For Big Brands.

• We tend to gravitate towards brands we recognize. However, this doesn't mean they're doing the best job for you. Make sure you're working with a fiduciary.

18:06 - Stop Nodding And Smiling.

• Ask questions, and don't be afraid to ask for clarification as you're speaking with your advisor about complex concepts. You need to know what's going on with your finances. Don't pretend to know what's going on when you're clueless. That's a dangerous approach, and your advisor should be able to explain concepts in a way that's easy for you to understand.

19:38 - Work With An Age-Appropriate Advisor.

• Your advisor should work with other people who are also in your stage of life. If you're approaching retirement, and your advisor exclusively works with young people who are looking to build wealth, you might need to consider finding a new advisor.

Final Thoughts:

"Stop making excuses and justifying poor financial decisions. Become an informed investor. Work with an advisor who can help you make calculated decisions."  - Money Wisdom

Additional Resources:

ScheduleYour Money Map Review: http://retire.johnsonbrunetti.com/contactjohnsonbrunetti

For further exploration of this topic and additional resources, check out our blog here: https://johnsonbrunetti.com/three-dangerous-excuses/