WEST Wisdom Blog

5 Mistakes to Avoid When it Comes to Financial Planning

Posted by WEST Board Member on Oct 17, 2016 12:53:45 PM
Did you know that 57% of women have more earning power than before, that women are making major investment decisions, and 60% of women are the "breadwinners" of their families? Therefore, it is crucial to be informed and proactive about financial planning. Beata Dragovics from Freedom Trail Financial takes a quite different and effective approach to financial planning, starting with the individual's values to set financial goals and plans. Beata graciously shared her take on 5 mistakes most people make when it comes to financial planning below. If you're interested in learning how to avoid these mis-steps, evaluate your own values and how they can map to your own financial goals and plans please join WEST for an interactive session with Beata on October 26th at 6pm. Participants will leave with a clear sense of how to plan for their values and how to set financial goals as it relates to compensation, equity, and savings. 
1. We wait far too long to start planning. Many of us believe we don't qualify or are too young to start working with a financial advisor. The truth is, it's never too early even if you're just starting out in your career. It's important to have a plan based on your values and start practicing on a daily basis against that plan. 
2. We're in denial about our 401k. Similar to creating a financial plan, we don't see the urgency to start early. The truth is, the sooner you start saving and taking advantage of your employer's match the stronger and better off you will be in the long run.
3. Our relationship with money doesn't change. For many of us, our relationship with money starts at a young age and is heavily influenced by our parents' relationship with money. Often times your financial position is very different from your parents, and you should be making based on your position and not what your parents would have done. 
4. We take the wrong approach to asset management. Often times, people are more comfortable taking a risk when the market is growing or strong. When the market is not so hot, they don't take the risk when they should. 
5. We don't know how much risk we are capable of taking. Often times we are either too aggressive or conservative, it is all about finding the right balance. 
To avoid these mistakes and many others, please join WEST for an interactive financial planning session on October 26th at 6pm at HubSpot (2 Canal Street, Cambridge MA).  Learn more at http://www.westorg.org/2016-10-26-financial-planning.

Topics: Events, Women, Financial Planning, Wealth Management

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