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Two articles came out at about the same time last fall, targeting different audiences, but both highlighting “5 mistakes” people make when preparing for retirement.  It was likely a coincidence, but interesting to compare the two. The article circulated through Associated Content, and picked up by numerous consumer publications, talked about how people start saving too late, underestimate the cost of not only healthcare but retirement in general, don’t diversify enough, turn a blind eye to their investments, and find too many excuses to spend their retirement BEFORE they retire.  The other article, written for Financial Planning magazine, an industry publication for financial planners, had a slightly different perspective.  The mistakes were listed as retiring with too much debt, lack of insurance (supplemental health and long-term care), ignoring inflation, relying too heavily on one income source, and not protecting savings (moving to more conservative investments as retirement nears).

Perhaps Values-Based Cash Flow Management would be a more palatable term, but money that is not spent in line with what you truly value is wasted.