Five Critical Financial Decisions to Avoid as a Former Financial Advisor

Tyler, a former financial advisor and portfolio manager, shares five things he would never do with his money.

1. Avoid Impulse Purchases

If I believe I want something, I commit 72 hours to think before buying it. I find that I don't buy 99.9% of the items I thought I needed just 72 hours ago.

2. Don't Buy Just Because It's on Sale

Do not fall for the sale trap! Just because an item is on sale, it doesn’t mean you saved money. Spending on items you don’t need can lead to waste.

3. Consider Opportunity Cost

I would never spend money without considering the opportunity cost. Those $200 shoes cost not just that amount but also what that money could have generated if invested wisely.

4. Contribute to Your Retirement

I never miss putting at least 5% of my paychecks into my retirement plan, particularly in a tax-advantaged account. Prioritize paying yourself first to ensure financial security.

5. Avoid Credit Card Debt

I would never use a credit card to make purchases. If managed poorly, they can become a burden with interest rates as high as 35%, jeopardizing your financial health.

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