Do It Yourself Investing Show 34

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I liking doing things myself… Actually, I like to do some things myself. I don’t like changing the oil in my cars, but I do prefer ironing my shirts compared to having them cleaned. I like the way I put creases in my shirts better than the dry cleaner’s creases. After all, in high school I was voted best dressed. You look good; you feel good, right?

When it comes to financial planning, some people would rather do it themselves. The only problem is our decisions about our savings can be consequential. There are many pitfalls that stand between you and a successful retirement. Elon Musk, the famed innovator billionaire, tweeted on social media recently that we should use Signal to communicate with our friends and family, because other apps on our phones are less secure. Signal is an encrypted smart phone application. People took that as a hint to buy Signal stock. The only problem is that Signal isn’t publicly traded. It’s a non-profit company, which means there is no way to buy stock in the company. Frantic investors bought an unrelated company with a similar name called Signal Advance. The following three days of trading Signal Advance’s stock price went up at total of 6,350%! Without a level head, it may be easy to hit potholes on the retirement road.
Frequently, I ask people why they are invested in certain investments and they don’t have an answer. Their stock broker or brother-in-law may have told them to buy a certain mutual fund or to avoid an annuity. But there is no map to why they are or are not investing a certain way.
It’s no exaggeration that before we bought our house, we looked at least thirty houses. Yes, the housing market was competitive, but we looked at all kinds of houses then we finally began narrowing our needs and desires down. Finally, after months of deliberation and prayer, we bought our house. We spent copious amounts of time on our house buying decision and we should have. It’s one of the largest financial decisions most of us make. But then many of us work 25 to 40 years saving retirement. We faithfully put away money. Often times we make sacrifices so that we can live more comfortably in retirement. Some of us accumulate $250,000, some of us $500,000, and some of us are fortunate to accumulate over a million dollars or more.
After working all those years for some of us our savings surpasses the value of our homes. Positioning our money properly and allowing a financial plan to dictate how our money is invested is as important of a decision as which house we are going to live in. Whoever you decide to entrust to help you with your planning, we recommend you have a professional develop a financial roadmap that dictates which investments you use and how your money is allocated. This will help you avoid pitfalls and investing in things that don’t ultimately get you to your end goal.
Most people’s end goal is that they don’t want to run out of money, they want to grow their money, and maybe leaving some to their kids if they have them. These things are all achievable with a well thought out financial plan that is customized to your specific needs. When you’re ready to get started building your plan, schedule a 15-minute call with by clicking here. On this call I’ll answer any questions you may have and discuss a starting game plan.
Until next week,
David C. Treece,
Financial Advisor
Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Clients Excel, LLC are not affiliated companies. Investing involves risk, including potential loss of principal. Any references to protection, safety, or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the insuring carrier. This podcast is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet particular needs of an individual’s situation. Clients Excel is not permitted to offer and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Clients Excel. The use of logos and/or trademarks of podcast hosting sites are the property of their respective owners and are not an endorsement by those owners of our firm or our program.

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