5 All-Too-Common Financial ‘Sins’ … and How to Atone for Them

Yom Kippur teaches us the value of reflection, and that’s something that all investors and retirement savers could benefit from right now.

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The Jewish holiday of Yom Kippur, or Day of Atonement, is rapidly approaching. Like many others in the Jewish community, I spend the day fasting, praying and reflecting on the past year. This year, in particular, offers no shortage of events upon which to reflect. I, and many people around the globe, have experienced plenty of personal challenges in 2020. Reflecting upon these events I hope to gain some perspective, allowing me to re-evaluate my priorities and make me into an overall better person.

As a financial adviser, every year around this time I have the same epiphany: Investors should also set aside time to reflect on their money decisions of the past year. While there doesn’t need to be a specific day for this type of introspection, making sure to review these choices periodically is an important component of the financial planning process.

Many of the poor financial decisions that investors make are avoidable with proper education and tweaking one’s lifestyle. Below are five common personal “financial sins” for which investors and retirement savers may need to atone.

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Jonathan I. Shenkman
Associate Director - Investments, Oppenheimer and Co. Inc.

Jonathan Shenkman is a financial adviser, portfolio manager and the founder of the Shenkman Private Client Group of Oppenheimer & Co. Inc. He is experienced in developing creative strategies that allow his clients to achieve their retirement, estate and philanthropic objectives.