The stock market has plummeted over seven hundred points since you attended Lifeguard Financial’s Retirement Planning Seminar. Investors should be aware of the risk in their portfolio and should create a better mix of investments that would avoid large losses. If you are losing money, you are outside of your risk comfort level.
Are you concerned about future losses? Allowing others to speculate with your money creates a risky situation. You should ask yourself if you are truly aware of what is being done with your nest egg. You cannot rely on Wall Street to rebound soon. Everyone can benefit from some simple advice from Warren Buffet: Rule #1: Never lose money. Rule #2: Never forget rule #1! Constantly striving for financial improvement is the basis of success. It’s important to develop a sound financial plan, implement it and remain vigilant about “financial tune-ups”.
Over the years investors have made mistakes with their investment choices. The following are “Pearls of Wisdom”.
- A big mistake is taking investment advice from people who are not qualified to give it (neighbors, accountants, attorneys). Get financial advice only from the professionals who devote their lives to it.
- Another mistake is neglect, procrastination and being complacent. This results in continued losses.
- The true secret of successful investing is knowing which ones to avoid.
- Markets change continuously and so must you. What worked in the past may very well not work this year. The sooner you make changes, the sooner things may improve.
- Find a company that focuses on what matters to you, not what they must sell you.
- If you aren’t clever enough at selling stocks, you’ll soon see your profits turn into losses. When in doubt, get out!
- None of the secrets of success work unless you get going.
- Conservative investors sleep well.
January is the best time for a financial tune-up so 2023 can be better than 2022. If you would like a fresh set of eyes to analyze your investments and get you on track, please call for a complementary second opinion.