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Common Financial Mistakes

One of the nice things about getting older is that we frequently learn from past mistakes. However, when it comes to finances, our needs and objectives change over time and we may make mistakes unrelated to prior mistakes. The following is a breakdown of some of the mistakes people may make during their lifelong financial journey, based on age:

  • 20s – Tend to be too conservative in their investments.
  • 30s – Start outliving their means, leading to credit card debt, and spending instead of saving.
  • 40s – Find they have a hard time saving while having to pay out college expenses.
  • 50s – Enjoy the fruits of higher income, often developing lifestyles that cannot be maintained in retirement.
  • 60s and up – Overestimate their capabilities and may wait too late to delegate important financial responsibilities (e.g., assisted living facility, assigning power of attorney). 

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Ryan Keapproth

Ryan Keapproth

Retirement Planner

Ryan is dedicated to serving clients to achieve their retirement goals. Ryan’s holistic approach centers on wealth management strategies with a focus on income planning throughout retirement. As a Financial Advisor, Ryan is an Investment Adviser Representative (IAR), life and health insurance licensed and a Certified Tax Preparer. Ryan is a graduate of the University of Minnesota, with an Accounting and Finance major.

Ryan is a lifelong Minnesotan originally from Woodbury and currently residing in Bloomington with his wife, Riamae, and their rescue Terrier Beagle mix, Douglas. He and his family are avid travelers in their free time. Ryan enjoys playing golf and poker, and describes himself as a major foodie enjoying new restaurants around the cities whenever possible. He is a sports fan especially when the Vikings and Timberwolves are playing.