How many of you are frustrated with losing money in your investments and not sure where to turn?
Are you confused because you don’t know who to trust because your financial adviser makes money even when you don’t?
Are you unsure where you should be invested? If so, you’re right to feel that way!
So many times I hear people express their frustration telling me “I’m frustrated because I’m losing money in my investments and I don’t know what to do or who to trust!” To that, my response is “Good! You should be!” It’s better to have that happen now than to have it happen to you when it’s too late.
For example, if your child were to go to a casino to gamble, would you prefer them to win their first time where they feel they have that “lucky touch,” or would you rather have them lose the first time to understand the consequences of gambling their money away? Personally, I would hope my kids wouldn’t gamble in the first place, but if they did, I would want them to fall flat on their face.
With investing, people think they’re financial adviser, or themselves, are brilliant when they make money, but then when it goes down, they want to blame the adviser or someone else. Here’s the reality: You can’t gamble your way to wealth, and your financial advisers are just nicely-dressed gamblers! They can’t perfectly predict the stock market any more than you can know exactly what will happen to you next week. The only thing guaranteed is the fact that your adviser will get paid for managing your money, regardless of the results.
The Solution: Stop trusting financial advisers that get paid to gamble it for you, and learn to control your own finances. There is a previous podcast about the best investment in today’s economy that can offer a deeper perspective on what might be right for you. The good news is that we are not going to sell you any investment. Education will make you a lot more money than ignorance.
Fire your financial adviser if they are telling you to be in it for the long haul, they tell you to buy when the market is high or low, and only invest in what they sell. Why have them gamble with your money, retirement plans, potential lifestyle, and financial freedom? Hire those that practice what they preach and believe that you shouldn’t take high risks to get high returns.
What are some of your frustrations with the financial planning advice you have received?
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