According to AICPA Insights, which of the following is a common mistake related to implementing a financial plan? Rational decision making O Flexibility Emotional decision making Action

One common mistake in implementing a financial plan is "emotional decision making." This often leads individuals to make impulsive choices based on short-term feelings rather than sticking to their long-term goals. For example, seeing a sudden dip in the stock market might provoke panic selling rather than maintaining a well-thought-out investment strategy. Another pitfall is overvaluing "flexibility" in a financial plan. While it’s important to adapt to changing circumstances, too much flexibility can lead to constant changes in one’s approach, resulting in missed opportunities and a lack of progress toward financial goals. It’s essential to find a balance between adaptability and commitment!