Are Your Investment Mistakes Holding You Back?

Are Your Investment Mistakes Holding You Back?

Are your financial mistakes holding you back?  Do you feel like you should be better off than you are?  Often people will dwell on the mistakes they've made, which keeps them from moving forward financially.

This video was inspired by many, many meetings that I've had over the last year.  More often than not, people are way too hard on themselves for making financial or investment mistakes.


Patrick: Have you made financial mistakes that you regret? Do you feel like you should be at a different place financially than you really are? Well, are those feelings holding you back? Let's talk about that coming up.


Hey there folks, I'm Patrick King with Transformative Financial. Here on this channel we help people make money, keep money, and feel more financially secure along the way. If that's something that you're interested in, I would love to talk with you and see if it's a good fit. My email is My contact information is below in the show notes. On today's episode, has a mistake that you've made in your financial life kept you from moving forward?

One thing that I commonly hear from clients, when I start to meet with them and get into the details of their finances, are stories around mistakes that they made or think that they've made along the way. Quite frequently what I'll hear is, "I know this is bad, but I've got this credit card debt over here." There's an element of shame, guilt, or regret around that. "I know I shouldn't have done this, but I didn't know any better. I stuck my money in this annuity with all these fees."

Regret, shame, or guilt over some of the financial mistakes that you may or may not have made in the past, often hold people back from moving forward. They keep people from having those conversations with a real financial adviser, a fee-only fiduciary type adviser like me. If you don't know what that is, I'll post a link to some of the fiduciary videos that I've made in the past too, and you'll learn a little bit more about that.

Having that regret, shame, or guilt around mistakes can cost you money going forward. If it's stopping you from taking hold of your situation instead of dwelling on the past, moving forward, then it's become another obstacle for you. Also, everyone makes mistakes, right? Everyone makes mistakes. This is not a game of perfect. It's a game of, “Let's see if we can maximize this as much as possible.”

We aren’t taught this stuff, folks. There's no class in high school that you got that taught you how to invest, the difference between the types of accounts that you can invest in, how important it really is, and how people get paid in this industry. We don't know those things coming out of the womb. That's, of course, one reason why we all make mistakes along the way.

If you've watched the video of why I got into this business, part of the reason is that I made a mistake in investing. I trusted a broker. He put me in some investments that weren't in my best interests and were expensive. Yes, that motivated me to do this, it motivates me to continue to help clients, put out these videos that - hopefully - you're watching, and getting something out of along the way to help educate folks around how this works. It's no mystery.

We do have an element of taboo around talking about our finances in this country. There's a lot of comparisons around that - the “shoulds”. “I feel like I should be at a certain point at this age,” is something that I hear a lot of. There is no “should”.  There is what is. You are where you are. If you want to be somewhere else, let's make a plan to get there. [laughs]

It's a no judgment zone. One thing that I compare it to, I try to be sensitive to folks when they open their - If I ask for your tax return, people are very, "Oh my gosh, well here it is." I compare it to going to the doctor's office.

For me, I go to the doctor's office, the first thing you're going to do, the doc says, "Okay, pull your pants down." Okay, it's not something that we're comfortable with, at the same time, I think, the doctor's doing this all day, and they're probably not excited about you pulling your pants down. It is what it is. Let's see where we are. We've got to do this exam. It may not be comfortable for you. It's not going to be painful, especially when it's Dr. Jelly Fingers we're talking about, I think. Men, you know what I'm talking about [laughs] in a lot of cases.  And women, too, with your ob-gyn visits.

Not always the most comfortable, but necessary to figure out where you are in your health. Asking for a tax return, or let's go through your statements, let's examine where you are, it might feel a little uncomfortable, a little vulnerable at first, just like your doctor, I see this stuff all day. They're just numbers. To me I don't judge, folks. It's like, okay, where are you? Where are you and where do you want to go?

Just to leave you on a final note, this is such a strong emotion that one of my close family members kept putting off having a financial review with me because I think she was afraid that, in her words, "I would get in trouble when I looked at what she did." She would get in trouble. I would judge her, which is absolutely silly. This is someone that I would give my life for, and here she was afraid to have this conversation.

These emotions around mistakes, “shoulds” or regrets, can be very, very powerful. My question to you is, are you going to let them hold you back? Are they, really something as profound and painful as you think that they are? Chances are they're not. All of us make these mistakes. Everyone does. No one does this perfectly. For me, this financial planning thing is a no judgment zone. It just is what it is. They're numbers. We're going to figure out how to get from where you are to where you want to be. That’s it.

All right, that's all I’ve got for today. A little bit of soft “woo woo” stuff for you, [laughs] I guess, as far as this financial stuff goes this week. Again, my name is Patrick King with Transformative Financial. Thank you for watching. Of course, like, subscribe if you enjoyed this video. Until next time, cheers.


[00:07:23] [END OF AUDIO]

Financial Mistakes For Women To Avoid

Financial Mistakes For Women To Avoid

Are Your Investments Doing Well?  Really?

Are Your Investments Doing Well? Really?