You have heard it before…nobody is perfect. Not even (gasp…) financial experts! This month we have a wonderful opportunity to speak with Katherine Vessnes about mistakes that she has made over the course of a very robust and successful career. It is a chance for us to benefit from her introspection about the pitfalls she has encountered in her life in finance.

Happy Holidays to all…enjoy the rest of the season!

About Ms. Vessenes:

Ms. Vessenes works with over 300 physicians and dentists from Hawaii to Cape Cod. Her firm uses a team of experts to provide comprehensive financial planning to help doctors build their wealth and protect their wealth while reducing taxes now and in the future. Katherine is a longtime advocate for ethics in the financial services industry; and has written three books on the subject of investment strategies. She has received many honors and awards including: numerous tributes from Medical Economics as a top advisor for doctors, multiple 5-Star Advisor Awards, honored as a Top Woman in Finance, in addition to being selected to be on the CFP® Board of Ethics. Katherine can be reached at: Katherine@mdfinancialadvisors.com or 952-388-6317. Her website: www.mdfinancialadvisors.com.

Money Minutes #21 – Katherine’s Confessions – Money mistakes made by the experts

Money Mistakes made with her own finances:

1.     No health insurance on husband during time tragedy

a.     Lesson learned: Insure what you love and value

2.     Commodity Investments

a.     Lesson learned: make sure you understand your investments, do the homework to make sure you understand all options

b.     Take a risk that is right for you

c.     Don’t leverage your investments

3.     Don’t turn down job opportunities based on fear

a.     Lesson learned: step outside your comfort zone, challenge yourself

4.     Selfcare/maintenance

a.     Lesson learned: There is a big price for vanity.  What services and what price make it the right decision for you?

5.     Purchases within a relationship

a.     Lesson learned: agree on an amount that can be spent without the spouses’ approval

6.     Inheritances:

a.     Lesson learned: start saving early; set up a legacy account

b.     Spend wisely & know where the money is going

7.     Living on dual income

a.     Lesson learned: reduce lifestyle to one salary if possible because if one partner loses their job you will be prepared

8.     Kids & expensive private colleges

a.     Lesson learned: prioritize educational goals as you see fit then calculate how much you can spend on education for children

b.     Fill out your FAFSA early (starts January each year) to maximize benefit – can use estimated taxes

9.     Buying junk:

a.     Lesson learned: buy what you need and don’t accumulate stuff for the sake of having it.  Be careful about purchases.

10.  Home Improvements - lesson with the contractor.

a.     Lesson learned: stick to my previous lessons and do a background/reference check on people you are hiring and keep them to agreed deadlines