Podcast | Season 1 | Episode 64

The Description

Over 90% of people fail to reach their financial goals. Why is that percentage so high? In this week's mini-episode, Dan Cook based out of our Denver, CO branch shares some specific patterns he's seen over the years and how to avoid them.

Host: Daniel Cook, CFP®, AIF® | Chief Financial Officer

Daniel Cook is one of the founders and serves as CFO of Summit Wealth Group. Through an integrated approach to personal financial planning, business management, and tax reduction strategies, Dan has helped hundreds of clients plan for and retire more comfortably. He has extensive experience working with business owners on tax minimization strategies, helping entrepreneurs achieve their business goals without overlooking personal financial needs, and using pre-tax dollars both for business capitalization and investment goals. Dan also works with business owners who are transitioning their business such that both the buyer and seller benefit.

In 2001, a particularly difficult year in the financial industry, Dan was recognized as the Advisor of the Year by his previous broker/dealer for his work in guiding clients through those tough times. Dan is now an Investment Adviser Representative of Commonwealth Financial Network. He is a graduate of the College for Financial Planning, attended the Executive MBA program at the University of Denver, and holds a Bachelor of Science in Economics. Along with his prestigious education, Dan has obtained his CERTIFIED FINANCIAL PLANNER™ certification and is an Accredited Investment Fiduciary® (AIF®).

Daniel Cook is proud to have been recognized as a Winners Circle advisor for 2015—a distinction based on annual production that places him among the top 30 percent of advisors affiliated with Commonwealth Financial Network.

(719) 633-4033 | 13710 Struthers Road, Suite 115, Colorado Springs, CO 80921
Securities and Advisory Services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network®.

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The Transcript 

Stephanie

Over 90 percent of people fail to reach their financial goals. Today's mini episode will explain why. Welcome to the Reach Your Summit podcast, where we help you navigate the path to a better, more secure future. Dan Cook, CFO and Financial Advisor at Summit Wealth Group. We'll share how you can beat the ads and have success.

Dan

"For today's financial tips, I'd like to talk about three reasons why most people fail to reach their financial goals. And the number one reason is pretty well known. It's that we overspend. All Americans tend to spend their paycheck and plus a little more, and we tend to use too much debt, too much consumer credit cards.

We borrow money to buy our vehicles. We tend to just overspend our means. The second one is that, uh, we. Move our investments around too frequently. We tend to react to how an investment is done in the short run, or perhaps the news of the day, or rumors of, you know, upcoming recession, or the market's hitting new highs so it has to go down sometime soon.

We react to that news, instead of looking at the long term. How has this investment done over 5 and 10 years? And, and what do I want my money to do over the next five, ten years or more? And so that reaction causes us to move our money to something different. And that's one of the most frequent mistakes people make.

The third reason people fail to meet their financial goals is they, uh, reach too high. They invest in investments that are too risky. They look for that investment that's going to Uh, give them that huge return over the next, uh, few months or few years, and so they're investing in a startup company that their neighbor works for, or they're, uh, going with the latest hot trends in, in real estate and trying to fix and flip homes, for example.

And they're, they're simply taking too much risk with their investments. Studies show that. If you take a moderate amount of risk and stay in those investments for the long run, you're going to come out better than if you're always looking for the next hot trend or looking for a high return with your money. I hope these financial tips have been helpful. "

Stephanie


Thanks for listening to the Reach Your Summit podcast brought to you by Summit Wealth Group. If you've enjoyed this episode and you'd like to help support the podcast, please share it with others and subscribe so you don't miss an episode. If you have any questions or topics that you'd like us to cover, please email info@summitwealthgroup.com. Thanks again!"