The 7 Most Common Financial Regrets and How to Avoid Them

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We all have financial regrets. Whether it’s not investing in that successful stock or splurging on a luxury item you didn’t need and couldn’t afford, money mistakes can leave us feeling guilty and frustrated.

But don’t beat yourself up. By exploring the regrets of those who have come before, you’ll avoid making the same mistakes and achieve your financial goals faster.

Following are some of the most common financial regrets, along with potential solutions that will help you avoid them. Not all will apply to you, but some will, so be sure and read the entire list.

1. “I should’ve saved more for retirement”

Having a nest egg big enough to support you through your retirement means saving as much as possible for as long as possible. But it’s also critical to make sure that money is working as hard for you as you did for it.

The best way to do that? Working with an investment and planning professional who can help you grow your wealth.

A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself but more than $3.4 million if you work with a financial advisor. That’s twice as much! It’s life-changing.

The key is finding the right professional with your best interests at heart. In the past, this wasn’t easy. However, these days, some tools can make a difference.

If you have $150,000 or more in investable assets, Zoe Financial can connect you with rigorously vetted financial advisors. Zoe only works with unbiased fiduciary advisors who will act in your best interest and offer white-glove service. Best of all, finding an advisor through Zoe is complementary; schedule as many initial consultations as you’d like for free.

It only takes a couple of minutes to get personalized advisor matches. Why not click here and check it out right now?

Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”

2. “I should’ve bought long-term care insurance”

Here’s hoping your retirement years are active, healthy and vibrant, and that you’re able to function as you always have, right up until the time you shuffle off this mortal coil.

But don’t bet on it. According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.

“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying for it out of pocket could take a huge chunk of your retirement savings. That, plus inflation, could mean near or total depletion of your nest egg.

Without long-term care insurance, your options aren’t great: running through savings, borrowing money, burdening your family with your care, and possibly losing independence because you can’t live on your own.

One place to find long-term care insurance is GoldenCare. (Unless you live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)

At least check it out and see if it’s a fit. Because planning today could mean a regret-free tomorrow.

3. “I should’ve diversified more”

If a large part of your savings is in the stock market — as it should be — you’re well aware that what goes up can also go down. You can’t control the market, but you can hedge against uncertainty by having other forms of wealth.

One of the best ways to protect your savings is diversification. Keep money in different types of investments, ideally ones that go up when others are going down. For example, stocks tend to do poorly when inflation and interest rates are rising and there’s political turmoil brewing.

But there’s one investment that thrives in this scenario: gold.

Be careful who you deal with, though. Lots of companies in the gold business are pretty shady and won’t hesitate to sell you gold and silver at vastly inflated prices.

Goldco, on the other hand, has an A+ rating from the Better Business Bureau, an AAA rating from Business Consumer Alliance, and 4.8 to 5 stars on Trustpilot, TrustLink, Google reviews and ConsumerAffairs. They offer just about everything, from precious-metal IRAs to gold coins and gold bars.

You’ll even receive up to $10,000 in free silver on qualified purchases. If you’ve ever thought about investing in gold, why not take a look?

4. “I should’ve left my family more money”

You’d move mountains for your family, but what if you’re not around? Who’ll keep the household running? That’s where life insurance saves the day. Unless your kids are already off the payroll and you’re rolling in dough, you’ll want coverage.

Enter SBLI (Savings Bank Life Insurance). These folks make getting life insurance easier than ordering pizza. Just a few clicks from your couch, no doctors poking or prodding. Answer some quick health questions, and boom — a personalized quote in under 5 minutes.

With SBLI, you can snag term life insurance worth up to $5 million. Or go for the gusto with trusty whole life. Either way, it might cost you less per month than your daily caffeine fix.

Over 1,000,000 families have trusted SBLI with over $187 billion in coverage since 1907. They’re legit and they’ve got your back.

Why put it off? Protecting your loved ones is kind of a big deal.

Get a free, no-obligation quote from your friends at SBLI right now.

5. “I should’ve set up a trust & will”

When you’re gone, your problems will be over. But the problems for the ones you leave behind will just be beginning.

Show your loved ones you care by creating a will, a trust or both. It doesn’t take much time and doesn’t cost much money. But it will save a ton of both for your family.

A will is a simple legal document that outlines how you want your assets to be distributed, and you can have one in minutes for $199.

A trust allows you to place conditions on how and when your assets are distributed to your beneficiaries. You can get one of these created for as little as $499.

An hour or two preparing these documents means providing for your family, minimizing potential conflicts, and potentially reducing estate taxes. Do yourself and your family a favor and at least check it out right now.

6. “I should’ve used more discounts”

Are you over 18? Then you’re eligible to save hundreds of dollars every year simply by joining AARP.

“What?” You say, “I thought AARP was for retired people.”

As it turns out, you don’t have to be 50 or older to join AARP. And members get discounts on hundreds of things, like:

  • Up to $200 per person off flights
  • Up to 30% off rental cars
  • Up to 15% off restaurants
  • Up to 20% off hotels

You’ll also save on eyeglasses, prescriptions, meal deliveries and lots more. And that’s not all. AARP offers a Fraud Watch Network, job listings, retirement planning tools, games, and tons of information, programs and resources.

Anyone trying to save money can’t afford not to join AARP, especially since the cost is as low as $12 per year with auto-renewal. You’ll likely recoup the cost in the first week. Click here and check it out.

7. “I should’ve freed myself from financial burdens”

Sarah is a hardworking mother of two who found herself trapped in a vicious cycle of debt. Sleepless nights, constant stress, and the incessant ringing of creditors’ calls was her life. She felt helpless and alone, wondering if she would ever break free from the crushing weight.

Then Sarah discovered the power of credit counseling. With the guidance of a compassionate and knowledgeable team at Freedom Financial Network, Sarah changed her life. Freedom helped her create a personalized plan to tackle her debts head-on, negotiating with creditors and finding solutions that fit her unique situation.

Today Sarah’s a different person. Her debt is gone. No more dodging calls. No more sleepless nights. Her hope was renewed and now she has the confidence to take control of her money and her life.

If you’ve got more than $10,000 in debt, or know someone who does, do something. Contact Freedom Debt Relief. Have a free chat with a counselor.

Get some peace of mind. Remember, you only live once. There’s no reason to live it buried in debt.

Take a minute and contact them right now.

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