There’s something about October that brings out our fear of the unknown. Spooky sounds, creepy costumes, and pumpkin spice-flavored everything. But the scariest things of all? Financial mistakes that can haunt you for decades.
There’s something about October that brings out our fear of the unknown. Spooky sounds, creepy costumes, and pumpkin spice-flavored everything. But the scariest things of all? Financial mistakes that can haunt you for decades.
This month, let’s shine a flashlight into the dark corners of personal finance and uncover four frighteningly common mistakes that can derail your financial future, and how to face them like a pro (no garlic or silver bullets required).
Timing the market is like trying to guess when a black cat will cross your path, it’s mostly luck, and the odds aren’t in your favor. Many investors try to jump in and out of the market based on emotion or headlines. But the reality? Most of the biggest up days follow the worst down days. Miss just a handful of the best market days, and your long-term returns can suffer.
Instead of reacting emotionally to volatility, consider an active investing strategy that focuses on rules, not gut feelings. This approach, something we use often at Peaks Financial, helps remove the emotion and ensures you stay invested based on logic, not fear.
Let’s be honest, we’re all human. When markets drop, panic sets in. When markets rise, FOMO kicks in. Emotional investing is the financial equivalent of running upstairs in a horror movie when the front door is wide open. It rarely ends well.
Instead, work with an advisor who helps you stick to your long-term plan, even when your instincts scream otherwise. Fear and greed are terrible financial advisors.
Not all debt is created equal. A mortgage on an appreciating property? Potentially strategic. Carrying a $12,000 balance on a high-interest credit card because of a last-minute vacation to Maui? That’s a financial poltergeist.
High-interest consumer debt can erode your financial freedom and cost you tens of thousands in interest over time. Tackle it early, make a plan, and don’t be afraid to ask for help. The longer you ignore it, the scarier it becomes.
This one’s terrifying: not having a financial plan. It’s like navigating a haunted forest without a flashlight, you’re bound to get lost or trip over a tree root.
A solid plan should address your income strategy, investment approach, and tax management. Don’t assume things will “just work out.” Hope is not a strategy.
For example, consider the impact of tax planning on your long-term success. Choosing when and how you pay taxes can make a bigger difference than skipping that morning latte.
Many investors don’t realize the power of tax planning until it’s too late. Whether it’s a poorly timed capital gain, failing to convert retirement funds strategically, or just letting the IRS take a larger slice than necessary, proactive tax strategy is one of the biggest levers you can pull in effort to help your financial plan.
That said, remember: I’m not a CPA, and this isn’t tax advice. Always consult a qualified tax professional before making major tax decisions. But tax planning is an essential part of overall wealth management—and something we consider carefully with clients.
Here’s the good news: Many scary financial mistakes are preventable. With the right strategy and a clear plan, you pursue your financial goals with more confidence
So, what’s keeping you up at night? Now might be the perfect time to revisit your financial plan and shine a light on those lurking money monsters.
Kevin Campbell is an Investment Advisor Representative of, and advisory services are offered through USA Financial Securities, A Registered Investment Advisor located at 6020 E. Fulton St., Ada, MI 49301. Peaks Financial is not affiliated with USA Financial Securities. Investing carries an inherent element of risk and it is possible to lose money. Past performance does not guarantee future results.
