It’s been a little while since one of my commentaries because I’ve been very busy preparing (and updating) financial plans for clients old and new.
I have some long-time clients that are coming up on their retirement dates so we’ve been updating the projections accordingly and making necessary adjustments.
Additionally, about five new families have reached out within the last couple months so I’ve been busy preparing their financial plans as well. The financial plans serve as the blueprint for all major financial decisions we make together so it’s a critical, necessary first step in my relationships. It’s been a very busy but fun and very rewarding couple months!
Today, I wanted to provide an update on stock valuations to ensure we’re being mindful of the big picture and not getting too caught up in the short-term noise.
BUT, FIRST, LET US REMEMBER: Investing is a means to an end not an end in and of itself. For most people, investing is a means to an enjoyable, comfortable, stress-free retirement and maintaining their lifestyle throughout retirement. For some others, investing is also a means to gift more money to charity and family. However, for too many people as of late, “investing” has become a hobby, an obsession, a get-rich-quick scheme and/or a source of entertainment. “Investing” has simply become another method of gambling without regard to how various “investment” decisions can impact investors’ most important, long-term financial goals. That gambling mentality is another common feature of bubbles throughout history by the way.
So, let us always remember the true purpose for investing and keep that big picture in mind when making investment decisions. Let us always remember our “why.” Continue reading “YOLO, FOMO and HODL Are Not Investment Strategies…”