You know that feeling you get when some aggressive salesperson is pushing you to buy something that you KNOW you DO NOT want?
Wall Street Steward Blog
The biggest pet peeve I have in the financial industry is the statement “I haven’t lost until I sell.” This comes up all the time in speaking with clients, or prospects, or acquaintances. They’ll say things like, “Yes, I’ve lost 20%. I’ve lost 30%. I’ve lost 50%. But, I haven’t lost until I sell.”
Only about 8% of Americans will receive inheritances of ANY kind. A smaller number, around 2%, will inherit more than $100,000. This is a small group of people, and a blogger better have a good reason to write an entire entry for such a small group.
When my youngest child was born, instead of celebrating wildly that another blessing had entered my life, I thought about a #mathematical# problem.
Today, we’re going to talk about the most important aspect of investing, if you ask me. What is your risk tolerance? What is your number? I use a 1 to 5 scale. I’ll be the first to say my way is not perfect. It’s not the only way. I’m trying not to pick my nose here. It’s not perfect, alright? But, it’s worked for me for the last ten to twelve-fifteen years. And, it’s very simple. It’s very easy to articulate. I have seen it as a good judge of actually judging what someone’s true risk is.
When this blog was launched in November 2010, I said that if any readers had questions they wanted a straight answer to, for them to contact me via e-mail and ask away.
When I entered the financial services industry at the ripe old age of 17 (as an intern), I had no clue what the “do and don’t” etiquette was for an interview. In my opinion, that is the single most important reason I was able to interview well and break into this industry when most of my friends were trying to secure fake IDs. I didn’t know any “cliché” questions or “cookie cutter” answers…and I decided to just be myself and let the chips fall where they may.
When I started this blog, I decided to always remain hungry regarding new ideas. One NEVER knows where the next great idea will come from. This entry is no exception.
You ever have one of those moments where you are trying to recall the name of a movie, or an actor’s name, or the name of your first grade teacher, etc? You know the feeling….the “this is going to drive me nuts until I think of it” feeling.
In order to be competent in finance, you must first get your bachelor’s degree in acronyms. At least that is what I have been told by the “experts.” Maybe I will get to that level one day, but as of right now, the more I learn, the more I realize that I do not know.