Ep 322: Things You Can’t Trust When It Comes to Finances

My Smart Retirement

Unfortunately, there are a lot of things out there that we shouldn't trust: some people's advice, scams, gas station sushi. The list goes on. So today, we are going to be discussing a few financial items that you may want to look out for and whether you can trust them.

Don't always trust what is on paper.

This can be a difficult thing to change. It can be exciting when an advisor shows us a document with our account goals and predictions on it. But in a situation like this, you should really be focusing on your overall plan with your advisor. At the end of the day, the plan will be how you will reach those exciting numbers.

Don't trust that you are done with fees.

Perhaps you have the idea that you paid fees when you first invested. Or maybe someone told you that you won't have to pay additional fees on an investment. Everything in investing has some type of fee. But don't think of them as burdensome. By investing, you are contributing to the overall growth of your portfolio.

Don't trust money scams.

This one might seem obvious, but they can sometimes be tricky to spot. You will want to stay wise to the internet to safeguard yourself against evolving scams. If something feels suspicious, it probably is.

Don't always trust the stock market.

The stock market changes every day and it is nearly impossible to predict and time. Just because the market was down today does not mean that it will be down tomorrow. No one can really know before it happens. Your best strategy is to make sure all of your eggs are not in one basket. The market always has a lot of potential for growth.

Listen to the full episode for more details on financial things you shouldn't trust.

0:20 – Story about trust

2:03 – What are some things we can’t trust?

2:52 – Timing the market

5:09 – Being told there are no fees

6:02 – Money scams

7:55 – Can we trust the stock market

For more, visit us online at http://flemingfinancialservices.com