Let’s talk about playing it safe.
When it comes to a middle-class mindset about money, there’s a tendency to operate from a place of scarcity.
Such beliefs cause one to think that there will never be enough of something. As a result, fear is the driver for making financial decisions. The idea is that if you lose money, you won’t be able to make it back.
But the rich look at things differently.
For instance, they use their money to make even more money—without much additional effort. They assess the risks, knowing that while gains can be wonderful, sudden, and lucrative… there will also be losses along the way.
Those who are wealthy regularly analyze their investments, both the good and the bad. They understand that studying investments is like studying any other topic: the more experienced they become, the smarter they’ll get.
That added knowledge also reassures them that it will be easier to replace money lost in high-risk deals.
Knowing “when to hold ‘em and when to fold ‘em” is a large part of investing with confidence.
You can increase your tolerance for taking risks by betting on yourself. Go for that new venture, investment, or partnership. As you learn to trust your judgment, your confidence will grow.
At Money & Clarity, we can help you take the right risks. We spend a great deal of time helping our clients understand their choices and love to explain the benefits of taking a particular risk.
Consider us your mental “safety net.” We like having honest conversations about what you’re comfortable with regarding your portfolio and listen to your concerns. Our goal is to have you leaving our office knowing you’ve made a good choice.
Give us a call at 513-563-PLAN (7526) or book online and let’s talk about those choices. We’ll review your portfolio and identify areas that could be transformed from “okay” to “better” to “best.” You’ll get clear explanations that will help you make the right choices.
Nikki Earley, CFP® & Dan Cuprill, CFP®
P.S. My next blog reveals a group of people that, in many ways, are fascinating. However, they’re also the bane of civil society. What can we learn from them? You’ll find out.
P.P.S. To learn the steps you can take to protect and even capitalize on recent investment volatility in light of COVID-19, check out my webinar.