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Your financial journey throughout life won’t look the same as anyone else’s. So, while it can be informative to learn from others' financial experiences, here’s a word from the wise: Never blindly mimic their strategies.READ THE ARTICLE
Instead, be cautious of comments from fellow investors, such as:
📌 "It worked well for me." Simply because a particular approach yielded positive results for your neighbor does not mean it’s a prudent strategy for you. Outcomes alone should not be the sole basis for evaluating the soundness of a financial decision.
📌 "I heard this incredible story." While stories can be powerful, they should be approached with skepticism. Anecdotal evidence should be critically evaluated, considering factors such as risk, benchmarks and the credibility of the source.
📌 "But what if that idiot wins the next election?" Financial advice influenced by heated political rhetoric should be cautioned.
📌 "Everybody's doing it." Social influences can heavily impact your financial decisions. However, following trends and succumbing to online frenzies can lead to regrettable choices.
📌 "Trust me, I'm successful." Success in one aspect of life does not guarantee expertise in managing money. Overconfidence in one's financial abilities can be detrimental.
You call it personal finance for a reason. It should be based on your unique circumstances, goals and emotions – Not anyone else’s.