Do you feel stuck with an individual stock you bought? Or maybe you bought into a front-loaded mutual fund a while ago, and now you’re not sure what to do with it. Perhaps you’ve got one of those variable annuities and it’s dragging your financial life down.
On the show today, we’re talking about financial follies and the traps we fall into from bad investments — and how to get out of them. We’re going to turn lemons into lemonade.
And don’t forget: the Money-Guy family is expanding! We’re your personal financial podcasters every other Friday, but every day we’re fee-only financial planners who work with clients in 29 states. If you want to join up with us, don’t hesitate to reach out to brian [at] money-guy.com or bo [at] money-guy.com
Let’s dive into the show today, and walk through some common money mistakes and traps.
- What the sunk cost fallacy is, and how it can trip you up in your financial life
- Why individual stocks seem so sexy (but can lead you astray)
- How to decide when to leave an individual stock behind
- When it’s time to go pro and ask for help in developing a better financial plan
- What loaded mutual funds are and how they affect your nest egg
- How to mitigate high expenses derail your investment plan
- How immediate, deferred, and variable annuities work
- Why annuities sold within IRAs or 401(k)s are one of Brian’s biggest pet peeves
- What your options are for getting out of whole life insurance policies
- What (and who) to watch out for when you’re buying a new insurance policy
Resources from this Episode
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