investing

The 7 deadly sins of retirement planning

Retirement » The 7 Deadly Sins Of Retirement Planning

Envy
Envy | IP Galanternik D.U./Getty Images

Envy

Envy drives people to compete with others and can thwart a retirement plan.

"Driving new cars, acquiring a home in a fashionable neighborhood, sending the kids to private school to keep up with their friends are surefire ways to minimize your retirement saving potential," says Mark Petersen, CPA, CFP and vice president of affluent wealth planning for Carson Wealth.

Competing may also transfer to investing. Making risky bets and stock picking could lead to a financial disaster.

The better course is to forget whom you're envious of in the short term and invest in broad categories of asset classes to minimize your risk.

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