Intelligence

What’s the Biggest Financial Planning Mistake You’ve Made

Financial planning isn’t always perfect and sometimes, mistakes happen. First Tennessee Bank is looking for people who are willing to share their personal narratives about the biggest financial planning mistakes they’ve made, and how they corrected/avoided them. 1. When you first began planning for retirement, did you underestimate how much money you’d actually need? At what point did you realize that you might be saving less than you needed? What did you do to get back on track? If you’re still playing catch up, how has that affected your retirement plan? 2. If you waited to start saving for retirement, college or any other financial goal, has that made it harder to get back on track? What advice would you give to someone who knows they need to save for retirement but isn’t doing it yet? 3. If your financial planning mistake involved skipping out on an emergency fund or forgoing life insurance, how has that affected your overall financial health? How important is it to have these kinds of financial safety nets in place? 4. If you started off planning your finances alone, then shifted to working with an advisor, what benefits did you realize from doing that? How important do you think it is to have a professional advisor look at your plan and offer guidance? 5. If you set your financial plan on autopilot and forgot it, did that negatively affect your ability to save and build wealth? How often would you recommend reviewing your financial plan?