“Learn from the mistakes of others. You can’t live long enough to make them all yourself.” – Eleanor Roosevelt… Ever wish you could foresee financial missteps before they happen? On today’s episode explore some real-life stories of regret and arm yourself with the essential dos and don'ts to ensure your money works for you, not against you. Helpful Information: PFG Website: https://www.pfgprivatewealth.com/ Contact: 813-286-7776 Email: info@pfgprivatewealth.com Disclaimer: PFG Private Wealth Management, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investment involve risk and, unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance. Transcript of Today's Show: For a full transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/ ----more---- Marc Killian: "Learn from the mistakes of others, because you can't live long enough to make them all yourself." Eleanor Roosevelt said that, and we all certainly wish that we could foresee financial missteps before they happen, so on today's episode, John and Nick are going to share some stories with us and talk with us about money mistakes we might regret and how to avoid them here on the podcast. This is Retirement Planning Redefined. Hey, everybody, welcome into the show this week, as John and Nick and myself are going to talk about those money mistakes and hopefully ways to avoid those. So we're going to get into a few of them this week. And as always, if you've got some questions, you need some help, reach out to the guys before you take any action on something you hear on our show or any others as it relates to your situation specifically. We all have these universal things that apply to us, but individually in the nitty-gritty is where we need the qualified professionals to really help us dissect and do the right things for our retirement. And John and Nick can be found at pfgprivatewealth.com. That's pfgprivatewealth.com. Get yourself onto the calendar and don't forget to subscribe to the podcast. John, what's going on, buddy? How you doing? John: I'm doing pretty good. How are you? Marc Killian: Hanging in there. Doing pretty well. Looking forward to talking to you guys today about these money mistakes and seeing what we can do about them. Nick, my friend, what's going on on your end of the world? You doing all right? Nick: Yes, sir. Staying busy. Marc Killian: Yeah? Just keeping busy. Well, that's good. It's that time of year. We are into, I don't know, we're right around November about the time we're doing this, so we'll see. The year's winding down quick and so it's always something coming fast and furious. So let's talk about a few of these things so hopefully we can avoid them, especially in the fourth quarter. Sometimes we start to maybe spend a little bit more money than we realize. So let's get into today's conversation a little bit, guys. And I want to talk about IRA withdraws, whether it's a loan from I guess a 401K or I know that you can't do it from different kinds of accounts, or just taking them out prematurely. Why is this a money mistake that people might regret? Because I've talked to a lot of advisors and it seems like everybody universally says this is the last place to access money early if you need it. If you needed something for an emergency or something's happened, most people seem to advise against pulling money out of these types of accounts early. Why is that? Whoever wants to tackle it. John: Yeah. I'll take that one. So yeah, the main reason why you want to avoid this is it can be riddled with fees and there's a 10% penalty. If you're under 59 and a half, you don't qualify to take the distribution out, so what you're doing there, and we talked about it last week, is Uncle Sam has a liability on your money. You're just basically giving Uncle Sam 10% of your money. And then on top of that, you're paying taxes on any withdrawal. And if you're already currently working, now you just actually raise your tax bracket, so you could be paying additional taxes and this is money that's just lost. And what you're really losing out on is the growth potential down the road. So it really is a...
