Those who try to take some steps on their own typically take the advice of banks, insurance companies, stock brokers or one stop Robo plans that fits all.
Banks do not work because after taxes and inflation they simply do not keep pace with the cost of living. Think about this: after all the marketing they do to get you to save your money with them because its so safe, they invest it and make all the profit on your money! They give you their so-called guarantee, which in reality turns out to be very risky and costly.
Relying on insurance companies to build a retirement nest egg has not worked for two reasons. One is because of the high commissions earned in selling select whole life type policies and the second is they bundle together a so-called investment savings account with life insurance. When you find out how these policies really work you will see how ineffective they are as saving vehicles and the high expense cost built into them. In addition, they make it so confusing to consumers that most people end up owning the wrong type of policy, they are paying too much in cost for it and worst of all are dramatically underinsured. This is so sad and it leaves the families exposed and at a high risk of loss, which is exactly what insurance is supposed to address in the first place.
Working with stock brokers does not work for two reasons. One is the high cost of commissions as the incentive to trade your account is the way they make their money. The second reason is that most people lose money trading in the stock market.
The most common mistakes that people make is that they do nothing. They put off today what many say they will do someday. Trust me after 30 years helping people become more financially independent I can tell you that someday is a place that leads to nowhere and nowhere is not the kind of place you want to end up, someday.
It's called PROCRASTINATION. So the answer is simple DON'T PROCRASTINATE!
You need a plan...a LifePlan