The Top 5 Financial Mistakes Business Owners Make - And How to Avoid Them - #5 of 5

Financial security expert Pamela Yellen, author of Bank On Yourself: The Life-Changing Secret to Growing and Protecting Your Financial Future, believes that business owners are prone to making financial mistakes that undermine their efforts to build wealth. Here is the fifth of the top five mistakes (#5 of 5) she sees and strategies on how to avoid them...

5. Not Demanding Guarantees from Your Financial Advisors...

Do you know what your retirement account will be worth in 10, 20, or 30 years, or on the day you plan to tap into it? If your answer is "No" or "I'm hoping it will be worth $X" - you don't have a plan. 

If you're relying on a financial advisor, stock broker or plan administrator for advice, ask them if they can tell you what your account will be worth on the day you plan to retire. Then follow it up with, "And will you give me a money-back guarantee if you don't hit that savings target?"

If they say "No" - FIRE THEM!