5 Lies You Might Be Telling Yourself About Money

Are you telling yourself financial lies? Discover the top 5 lies people often tell themselves about money and retirement. Some of these could be severely holding you back, so stay tuned!

 

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Transcript: 

 

Marc Killian:

Are you telling yourself financial lies? Well, this week on the podcast, discover some of the top lies we often tell ourselves about money and retirement, some of these could be severely holding you back, right here on Plan with the Tax Man.

 

Hey everybody, welcome to the podcast, Tony Mauro and myself back to talk investing, finance and retirement. And we're going to talk about some money lies we maybe tell ourselves about how we deal with things and handle things. I think it's something that we all do in various walks of life. We kind of, I don't know, little white lie ourselves, kid ourselves, whatever you want to kind of call it. I think we all can probably admit that we do it about various different things, and certainly money is one of those ones where we can do that.

 

So I thought this would be a good conversation for Tony and I to dive into today because, Tony, you see people doing these kinds of things on the regular. They kind of come in and you hear these different excuses that we make or things of that nature. It doesn't mean you're a bad person or a bad investor or anything like that. It just means it could be something that's causing you to not be as efficient or where you'd like to be in your retirement journey. So I thought it was a good idea to talk about that. How you doing bud?

 

Tony Mauro:

I've been doing well. How about you?

 

Marc Killian:

Doing pretty good. So do you kind of see these kinds of things often where people, they kind of rationalize, maybe that's a better word. We kind of rationalize how we have made choices we've made or how we feel about certain things in our money standpoint. You have to kind of show them how it's holding them back from reaching their goals.

 

Tony Mauro:

We do. We hear it all the time. And we can make probably a list of 50 of these babies and we could be here all day.

 

Marc Killian:

Okay, well we'll just do five. How about that?

 

Tony Mauro:

Yeah, I picked top five, but you're exactly right. People say these kinds of things all the time because obviously they do them.

 

Marc Killian:

Sure.

 

Tony Mauro:

And most of them go against your bigger goal and your plan. So that's why I wanted to talk about some of these today.

 

Marc Killian:

All right, well let's jump in and do the first one. I love this first one for the fact that you got to be honest with yourself folks as you're listening to this. The first one is, I'll pay back the money that I've taken out of my savings or borrowed from my own 401k. All right, come on. Let's be honest. How many times through your life have you said, "All right, I'm going to take some money out of whatever account to do some thing and I'm going to put it back." We never pay ourselves back. I shouldn't say never, but many people wind up... Life always gets in the way, Tony. And so it's kind of hard sometimes to truly pay yourself back.

 

Tony Mauro:

It is. And just like you said, I would never say never, but I almost never see clients do that and pay themselves back. Hardly ever.

 

Marc Killian:

I guess the 401k, you kind of have to, if you did the loan thing, right?

 

Tony Mauro:

If you did the loan thing, you have to. But many times they'll just say, "I just took money out of my 401k," and we'll ask them why, and it's not really an emergency. And they'll always tell u