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If you looked back at your biggest financial regrets or mishaps, what would they be? Here, investment writer Amy Arnott reflects on some of the areas where she fell financially short, and what she learned from them.READ THE ARTICLE
📌 Roth conversions: She didn't establish a Roth IRA due to inertia and income restrictions, but plans to make Roth conversions during a low-income period to mitigate future tax burdens.
📌 Long-term care insurance: She hasn't acquired insurance for long-term care, but understands the potential financial risk and intends to make a decision on the matter.
📌 Early mortgage payoff: She chose to pay off her mortgage early, sacrificing potential investment gains for peace of mind. While this decision might not have been the most financially advantageous, she still finds comfort in being debt-free.
📌 Investment complexity: She holds multiple individual stocks and spread-out IRAs. Since this level of complexity isn’t ideal, she aspires to simplify her portfolio with passive funds.
📌 Excess frugality: Her frugal tendencies sometimes hinder spending, but she’s trying to find a balance in spending money on things that truly matter, like travel and self-improvement.
Have your financial mistakes made you a better financial decision-maker? You won’t always make the perfect choice, but you can always learn from your experiences.