Campbell Wealth Management - September 2018

3 COMMONMONEY MISTAKES YOUMAY BE MAKING

Keeping Up With the Joneses

Thankfully, with the internet and community financial literacy classes, developing “money education” is easier than

This is something far too many people try to do — and fail at. They want to keep up with the lifestyles of their neighbors, acquaintances, family, and friends. People will splurge on homes, cars, RVs, and other items they can’t really afford. They overspend just to maintain the same lifestyle as their peers. To compensate, some people will dip into retirement savings or sell off good investments and take the penalties that come with it. Then, when they do finally retire, they realize the magnitude of their mistakes. Keeping up with the Joneses comes at a huge cost with a ripple effect that can last for the rest of your life.

ever. When you have questions about your finances, chances are that there are resources available to answer your most pressing questions, either by phone or internet.

Being Too Stingy

Even after saving for a lifetime, some people will go into retirement and not spend anything on themselves outside of typical living expenses. It can be a challenge to shift your mindset from “save” to “spend” in retirement. As a result, people don’t live the retirement they once dreamed of. They don’t travel or buy a new car when they can safely afford to do so. Avoiding common financial mistakes requires proper planning and a conscious effort to make a shift in mindset. The people who do so, though, are often happier in the long run.

Not Being Fully Educated on Money

Some people go decades without realizing where their money goes each month. Then there are others who don’t know how to save. In many cases, this lack of education can be traced back to their youth. They may not have been taught financial literacy at school, or they may not have learned about it from their parents.

SUDOKU

Upcoming Events

SOCIAL SECURITY WORKSHOP Paul Spring's Retirement Community, Alexandria, VA Monday, Sept. 10 at 1:30 p.m. INCOME PLANNING: SOCIAL SECURITY AND TAX PLANNING UNDER NEW LEGISLATION

Historic Blenheim, Fairfax, VA Thursday, Sept. 13 at 11 a.m. 60–70 ½ - SOCIAL SECURITY AND RMDs

Historic Blenheim, Fairfax, VA Wednesday, Sept. 19 at 6:30 p.m. To register for any of the upcoming events, please email us at seminars@campbellwealth.com or call Carol at (571) 800-6373. Make sure to check out our website to see more upcoming events: CampbellWealth.com/educational-resources/upcoming-events

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