Deadly sin of retirement planning: Gluttony
Gluttony is a cousin to greed. And being overly greedy in the market tends to lead to investment failures instead of successes.
Rather, it's much better to be goal-oriented, say advisers. "People who have goals often strive to reach them," says Warren. "Just wanting to make more money is not really a goal. That's gluttony."
"If you are goal-oriented, it will affect your investing strategy," he says. "So you may not need to shoot for the moon in terms of investment returns."
Don't let gluttony distract you from those goals.
"If that expensive new car or trip to Europe means bypassing your retirement account contributions or even cashing in your 401(k) or IRA early, it's a sure way to retirement ruin," says Andrew Rafal, partner and co-founder of Strategy Financial Group in Phoenix.
"Be sure to stick to your savings goals and budget for the retirement years," he says.