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The 10 Worst Retirement Errors You Can Make

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I made the worst financial mistake of my life about 20 years ago. I opened a restaurant with two of my best friends.

Two of us put the money on; the third man – an experienced restaurant operator but without investing money – found a good location in another city and moved there to take over the construction and operation of the establishment.

We’ve been losing money from the day it opened. To protect our original investments, we put more money into the place – a lot more. Eventually I also moved to the city where the restaurant was supposed to be to try to keep it afloat.

No luck.

After years of bitter struggle, we had no more money to lose and we sold the restaurant. My losses? Countless hours of work, about $ 150,000, and my two friends. Since we went our separate ways, I haven’t spoken to anyone.

It amazes me how little we think before we invest money. Financial failures can literally change when or even when you retire and what that retirement will be like.

Fortunately, I had plenty of time and luck to overcome this failure and keep my retirement goals in mind. The point, however, is: the fewer mistakes you make and the faster you correct the course, the better.

That’s what this week is “Money!” Podcast is about. We’re going to talk about common retirement planning mistakes, how to fix them, and how to avoid them in the first place.

As always, my co-host will be financial journalist Miranda Marquit. Listening and sometimes contributing is producer and new investor Aaron Freeman.

Sit back, relax, and listen to this week’s “Money!” Podcast:

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