In today’s episode, Rachelle and Corey talk about some of the scarier aspects of financial planning. As we approach tax filing, retirement savings, and investing, there is often the nagging worry in the back of our minds. We don’t want to mess up and get in trouble or derail our financial plan. With potential errors, there are often ways to avoid pitfalls and even make corrections when needed.

A few examples of potential missteps:

Taxes! Everyone is worried about this right now because it’s that time of year.
- For example, if you forget to record a Traditional IRA contribution for your “backdoor” Roth, you may end up paying taxes on an amount you shouldn’t have! BUT you can file an amended return.
- Many tax errors are fixable with an amended return, but depending on the error you may have some penalty or late payment taxes.
- If you’re really worried about it, it’s worth seeking the assistance of an accountant.
- Betting big on something risky or more volatile…. You can definitely lose money this way, and with riskier investments it’s a good idea to treat those like gambling. Maybe throw a little money that way for fun, but that’s about it.
- Not saving enough is probably the biggest risk here, but saving more is a great solution!
House purchase gone wrong.
- Moving to a new city/job and buying a house immediately is risky.
- If you end up needing to move, you can sell the home, but likely at a loss. Or you can potentially keep it and rent it out.
- In the grand scheme of things, this is not ideal, but also something you can likely recover from.

There are so many other examples in this episode! There are lots of errors we can potentially make, but also many ways to avoid or fix them when they happen. Listen to the full episode to hear more.

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

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