Investing Like a Genius

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Today’s Question:

Are you investing like a genius or are you making every mistake in the book? Let’s talk through five ways you can make wise decisions with your money.

Click on the timestamps below to jump to specific topics. 

Confidence Corner

How can you invest like a genius? Geniuses learn from the mistakes of others. On today’s podcast, we’ll talk through five ways we can learn from someone else’s mistakes when it comes to investing.

Have you ever considered making a premature IRA withdrawal? Sometimes this happens with young people as they switch jobs and want to pay off some debt. Instead of thinking about the long-term, they are only considering the short-term benefits. Compound interest adds up, so leave that money in there! Only do something like this if it’s an actual emergency.

Make sure you don’t spend too much! As you get raises, you may be prone to lifestyle creep. You’ve got to make sure that you keep your plan up-to-date. Are you planning for the same kind of living expenses in retirement? Consider saving a certain percentage of your pay so that you continue to save enough, regardless of what you’re making.

College is expensive. Not only that, but it isn’t for everybody. Many later regret overpaying for tuition for their kids. Consider what options you have. Can they take classes at community college first? Think about ways to ensure your kids will succeed. Don’t fund the college experience from your retirement.

If you retire early, are you actually hurting yourself financially? Think through the implications of what retiring early could mean. From health insurance costs to when to take out Social Security, you want a plan in place. Don’t get caught up on a number, but be sure you are actually ready to retire. 

Are you investing in different buckets? You want your investments to be tax-efficient. Having money in different buckets means you’ll be taxed at different rates, giving you more control in retirement. Talk with a financial advisor to make sure you are investing wisely.

[1:59] Avoid making premature IRA withdrawals.

[4:50] Are you allowing lifestyle creep?

[7:39] Overpaying for tuition is a big regret.

[12:36] Retiring too early can hurt retirees.

[15:00] Ignoring the tax-efficient opportunities is a bad idea.


A Point Of Wisdom:

There are a lot of things you can do to reduce and even eliminate some of those taxes. You can’t wait until the last minute, you have to plan ahead of time. 

-Nathan O’Bryant


Related Content:

PODCAST: Understanding Your Financial Statements

PODCAST: Statistics on Savings and Investing


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Your Guide:

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