We’re all human. We all make mistakes – even us here at the Financial Detox Podcast – and we’ve learned the hard way that if we’re not detoxed ourselves, we can’t best serve our clients.
Today, we dig into eight absolutely irrefutable, toxic mistakes we’re predisposed to making when we make investments, whether they’re major purchases, like homes or cars, stocks, or suspect financial products. You’ll discover the exact mindsets that people fall into when we make bad decisions, how we get taken advantage of, and how to avoid these pitfalls as we go about our daily lives – financial and otherwise.
In today’s conversation, here’s what you’ll learn:
- Why it’s so easy for financial advisors to agree with clients’ emotional desires and needs – even when these lead to making the wrong financial decisions.
- The reason so many people get nervous when they see uncertainty in the markets – and why it’s almost always rooted in a lack of discipline, philosophy, and plans.
- Why markets prevail over time – and why there’s no instance where someone with a diversified portfolio has gone down and stayed down, despite what fearmongers trying to sell you gold, Bitcoin, land, or anything else might tell you.
- How credit card debt can become a downward spiral – and the death of financial freedom.
- The importance of creating a written, documented financial plan – and living within your means.
The content of this radio show is provided for informational purposes only and should not be considered investment advice or a recommendation to buy or sell any types of securities. Mr. Labrum and Intelligence Driven Advisers/Financial Detox are not responsible for the consequences of any decisions or actions taken as a result of information provided in this radio show and do not warrant or guarantee the accuracy or completeness of the information provided. The information discussed today reflects the views of Mr. Labrum and his guest(s) as of the date of this show and are subject to change without notice.Past performance is no guarantee of future results. Any forward looking statements or forecasts are based on assumptions and actual results may vary from any such statements or forecasts. No reliance should be placed on any statements or forecasts when making any investment decision. Accordingly, listeners should not rely solely on the information provided today in making any investment decision.There is a risk of loss from investing in securities, including the risk of loss of principal. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular investor’s financial situation or risk tolerance. Asset allocation and portfolio diversification cannot assure or guarantee better performance and cannot eliminate the risk of investment losses.