Podcasts Business Investing Your Money, Your Wealth Money Mistakes and How to Fix Them - 14

Money Mistakes and How to Fix Them - 14

Published: March 26, 2016, 6 p.m.

Original publish date March 26, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. Episode 14 of the YMYW podcast is about money and our behavior: the biggest mistakes you could be making and how to fix them. Big Al also covers some tax strategies to consider as you approach retirement.

00:00 - Intro

01:08 - \u201cOne mistake is this: when you are investing your money, you might be confusing results with activity\u201d

04:47 - \u201cYou have to look at conventional wisdom and throw it out the window when it comes to your overall investment strategy\u201d

09:20 - \u201cThese are seven ways my expenses will change in retirement\u201d

12:19 - \u201cThe cost of healthcare tends to increase significantly in retirement; average annual expenditures for healthcare jump from $3900 among workers age 50-64 to $5000 for retirees age 65-79\u201d (Source: U.S. News)

21:18 - \u201cThe idea is to get away from commission-only [advice] which is what most of the industry still is\u201d

36:49 - \u201cI\u2019ve been a CPA for over 30 years, and it amazes me how many people don\u2019t realize what strategies are out there, and they end up making poor decisions, big mistakes and they don\u2019t realize how important tax planning is until they do make the mistake that can cost them hundreds of thousands of dollars in taxes\u201d

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