Turning financial regret into financial wisdom

Certified financial planner, Dan Hernandez from Milestone Wealth Management joined us in the PHL17 studio to talk to us about turning financial regret into financial wisdom.

Here are five common mistakes that are made:

1. Earning low interest on cash
2. Paying too much interest
3. Relying too much on speculative assests
4. Not having enough life insurance
5. Not saving enough for retirement

Here are the solutions Hernandez suggests:

1. “People keep way too much money in their checking account their savings accounts and right now those accounts are earning like point two percent interest and banks, mutual funds they all have these money market accounts so right now we’re probably paying four a little bit more than four percent interest where they’re liquid, getting access to them is easy but you have to find them”
2. “You got to shop that around and then when you are able to pay that debt, pay down the highest interest first”
3. “There’s a significant difference between investing and speculating. Investing is more methodical, long term. Speculating is almost gambling”
4. “You have to plan for that. The younger you are the cheaper it is, the easier it is to get insurance”
5. “You have to plan for retirement because you know social security keeps getting pushed back, the ages keep getting pushed back, most employers don’t have pensions anymore unless you work for the state or the federal government, so you have to plan for yourself”

Watch to learn more!

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