Believe it or not, a lot of times when we’re talking to prospects, they are less interested in holistic financial planning and more interested in understanding what the hot new investment is. We remind them we don’t have a crystal ball, and that we want to make people financially successful enough they don’t NEED an investing home run.
So here’s what our financial planners have to say to these prospects…
“It depends—what are you investing the money for and when do you need it? Resist the temptation to react to current market conditions; instead, tailor your approach based on your specific financial goals and investment horizon. If you’re investing for short-term goals, such as a vacation or down payment, consider low-risk options like high-yield savings accounts. For long-term objectives, like college savings and retirement, a well-diversified equity portfolio offers better growth potential.
And don’t forget to invest in yourself! Enhancing your skills, knowledge, and overall well-being can pay off in the long run with increased earning potential, improved job prospects, and a more fulfilling life.”
“While everyone wishes they’d invested in Apple stock in 1985, trying to time individual stock purchases is a tricky business. We’ve found that rather than purchasing shares of a specific company, buying broad index/ETF funds can allow you to own thousands of companies shares while holding only a handful of funds. The other piece of investing is your time frame – do you have more than 5-10 years for the investment to sit? Those broad stock based index funds are your friend. Less time than that? You’ll want to look into more stable bond funds or even a high-yield savings account.”
There you have it. Is making sure you’re invested appropriately a priority this year? Then I recommend you chat with us sooner than later… you can find out more about that here.
