investing

The 7 deadly sins of retirement planning

Retirement » The 7 Deadly Sins Of Retirement Planning

Deadly sin of retirement planning: Gluttony
Deadly sin of retirement planning: Gluttony © Wavebreakmedia/Shutterstock.com

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.

advertisement

          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

CDs and Investment

Suffering from annuity anxiety?

Dear Dr. Don, Is it wise to invest $10,000 in a fixed annuity at a rate of 8 percent for a 10-year period? With this fixed annuity, the money cannot be taken out until after the 10-year time frame is up. Please let me know... Read more

advertisement

Blog

Dr Don Taylor

Daily market volatility? No big deal

When investors own a dividend-paying stock, they receive the dividend payments over time but don't realize any capital gain yield on the stock until the position is sold.  ... Read more

Partner Center
advertisement

Connect with us