5 Financial Mistakes you WILL regret

I’ve been advising clients for 25 years and inevitably over that time, there are some recurring themes across the hundreds of different situations I’ve seen. Today I want to highlight five of the biggest mistakes that I see people making. These are the things I spend time helping my clients avoid, and they’re probably not what you think…

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Chapters:

00:00 Welcome
00:46 Mistake 1 - Analysis Paralysis
01:54 Mistake 2 - Hasty decisions
02:44 Mistake 3 - Not living for today
03:56 Mistake 4 - Getting caught in the weeds
05:39 Mistake 5 - Being too black-and-white
06:32 Resolution

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📫 Leave me a comment below - I read all of them and love hearing from you!

[PaulrB]

My Dad fell into the planning too much for the future, he had a good pension, property and loads of plans for retirement and beyond but died at 69 having done none of it, I wont be making that mistake and intend of make the most of my later years, 55 this year so banking on another 20 good years at best then I am either going to be dead or useless.

[nicolasbenson]

I must say you are an inspiration because I started up investing and trading as a scared investor who doesn’t want to lose money, glad to say I’m very profitable now and bought my first house through it

[stuartchenery]

All firms should do retirement courses like this

[ushasundaram]

Fantastic video as ever Pete thank you. After paying off a 25 year mortgage in 8 years and 8 months last year I did a lot of mental housekeeping. I am 53, single, no kids, no debts, decided to continue to save and invest aggressively, upping my salary sacrifice into defined pension contributions, opening a stocks and shares ISA and drip feeding, and rotating money in short term high interest paying savings account. But I’ve also started taking time out for myself, doing things I want to do but never could until now, mainly travel. Taking lots of short breaks during the summer months using up my annual leave and starting to plan for future trips. Gives me something to look forward to while dealing with the dreary everyday reality of a stressful and a mind numbing soul destroying job which pays the bills. A lot of what Pete says resonates with me and I am not only following his advice but also validating my decisions and choices with his videos. Thank you Pete. I am living for the now.

[porschecarrerascabriole]

The fire movement strikes me. Some try to retire at 40 after just 15 -17 years of employment. But they sacrifice their youth and you never can turn those years back! Retiring early is a wise move of course as nobody wants to work in their 60s. Anything around 55 which will soon be 57 makes perfect sense. Plan it without sacrificing today

[festerarl]

Great short video.
The big mistake I made was no. 2.
2 parts to it (1) choosing the wrong financial advisor (2) putting lump sums in rather than drip feeding (I know what the stats say but I've done both and for my personality I'm more comfortable with drip feeding).
The only other one 'big mistake' that I think could join these 5 is KISS. Keep it simple stupid. The mistake is to complicate things. That's something I've learnt over these past 4 years.
My daughters 'one fund' passive portfolio is outperforming mine (which consists of about 20 funds - from passives to wealth preservers to tech to green). I'm now in the process of simplifying.

[HaiderAlDelfi]

Love you Pete, this one got me in tears. I am 36, paid all my debts and mortgage and have been so far focused on the future I forgot about the present. I don’t and won’t have off spring as a gay man and I can afford to spend money on luxuries but the guilt of spending anything on non-essentials has made me unhealthily frugal with over 80% investing/saving rate with unclear end goal in mind.

[davidstorer]

Absolute wisdom! Whilst seemingly obvious, you're spot on with all of these. Thank you for making me feel I'm doing the right things and making the right decisions!

[anthonyjanes]

your videos are brilliant, keep 'em coming.

[Beazle]

I enjoy your videos and have just subscribed. Twenty three months to go for me !

[playingFTSE]

Living for today one is the toughest. Our junior at work is likely going to need towards a 1m in pension for retirement and hes aware. Problem being hes not doing all the stuff he should be (snowboarding with friends) to try and make sure he gets there. Think he'll regret that. Youth wasted on the young springs to mind.

Awesome work as always though Pete. ❤

[mark_just_mark]

Great video Pete...I eventually got around to changing my default pension funds this morning (No.1), and then thought 'have I reviewed enough...' (No.2) 😁

[minimad]

Thanks Pete and yeah, living for today for me is purchasing a new motorcycle and I may pop down at some point to test run it :)

[johnbridges]

And being Scammed..on investments, romance scams, lending to others, etc..

[TS-bnzt]

Pete, can you please do a video on the effects of the governments LTA pension changes.
I intend to retire next April and would appreciate any potential pitfalls that I might expect explained.
Would it be prudent to make a move sooner rather than later.
I have a DB pension. Many thanks.

[grahamscothern]

Very interesting as always Pete thank you.
One question is there anyway of emailing over a couple of questions to you or meaning full academy ?
Thanks Graham

[abtinnavid]

Listening to good advice is the way to wealth.

[ivermektin]

Can you do an episode on student loans? Plan 1 loans track the base rate so they have gone from 1% to 5.5% in recent years and now the interest can be 4 figures a year easily. Not quite the "cheapest loan you will ever get" at least not anymore.

[peterellwood]

Mistake number 3, just trying to be sensible but easy to take too far! 😟

[jonathanupite]

Hi i cant find your podcasts on spotify ?