Probably because it is time for New Year's resolutions, a
lot of us focus on our finances around this time of year.
Everyone I know has the same resolutions. They want to make
more money, find their soul mate, lose weight, exercise
more and get healthy. I am terrible at keeping resolutions,
so this year I am focusing on my goals. That way I won't
fail in the first month of the year!
So, what kind of financial goals should we work on this
year? I was reading an article in one of my magazines
called "10 Rules For Building Wealth". As I read it, I
realized that it was a pretty negative article. Some
aspects were good, but most point to the fact that we
really are not choosing our investments correctly. It
suggests that we need more education in the area of wealth
accumulation. Our net worth needs to increase and be
protected. Risk is really not an option when it comes down
to it. I work with clients daily who need to know what
there portfolio really says. I find it true that most of us
receive our quarterly statements, see if there was an
increase or decrease, than file it away. Never looking deep
enough to decide whether a change is needed.
Maybe it is time to set a goal to really read your
statement! You might need to make some course corrections
or move your money to a risk free product. But, whatever it
is, education is the key to our financial health!
I do not play the stock market any longer after losing half
of my retirement in 2001, and this article made me feel I
made the right choice. But if you are looking into
investing in something new, here is my advice;
1. Whether it is a stock, mutual fund, real estate or any
other investment product, make sure you do your due
diligence before buying the investment. This is a process
that cannot be avoided.
2. Get expert advice to be sure you have all your "ducks"
in a row.
3. Know what fees you will be charged for the investment
you are looking at.
4. Don't take your financial advisor's word for it.
5. Ask yourself, Will this investment work for me? Will it
get me on the road to financial freedom and a secure
retirement?
The main thing here is to "Think Twice" before making any
financial decision. The only one who really cares about
your money is you!
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