Avoiding Financial Temptations

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Think you found a shortcut to your financial goals? Want to cut a corner on your retirement savings? Think again! We talk through common financial temptations and how to avoid them.

Click on the timestamps below to jump to specific topics. 

Confidence Corner

Financially speaking, what are some common temptations people face? We’ll talk specifically about people who are over 50, in honor of co-host Marc’s big birthday recently. Have you fallen prey to any of these temptations? 

Are you carrying too much debt? Perhaps you’re making more money than you’ve ever made and want to buy something fun and fancy. Be careful about putting yourself in debt to do it. You never know what your financial situation will be like next year. Make sure everything is lined up before making a big decision that may lead to taking on debt. 

As you get older you may be tempted to slow down on saving in your  401(k). Don’t leave free money on the table! If your company offers a match, you could be missing out. If you slow down on contributions, the compound interest you’re losing out on is significant.  

It’s tempting to defer your taxes and get the tax break now. It’s important to realize that taxes are going up, so more likely than not, you’ll see a tax increase in the future or in retirement. Nathan and Marc discuss some of the tax proposals in Congress right now and how those could affect you.  

Do you want to start taking Social Security as soon as possible? Before you get too eager, make sure you make an educated decision. Starting at 62 isn’t the right decision for everyone. With any of these temptations, reach out to a financial advisor to make sure you make a wise decision together that aligns with your financial goals and plan. 

Listen to the entire episode or skip ahead using the timestamps below.

[0:55] Nathan shares about a recent fishing trip.

[4:39] Carrying too much debt.

[8:09] Are you throwing away the 401(k) match?

[10:48] Have you deferred your taxes?

[14:41] What makes sense with Social Security?

A Point Of Wisdom:

Ultimately, maybe you think the debt doesn’t hurt, but you never know what your financial situation is going to be next year.

-Nathan O’Bryant

 

Related Content:

PODCAST: How to Set Financial and Retirement Goals

PODCAST: Are You Sabotaging Your Own Retirement With These Mistakes?

 

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