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Dear Aver,
We are living in exciting times. The financial markets are in decline and uncertainty prevails. Nevertheless, in every adversity there is opportunity. Every few years the world markets present good investing opportunities. I wasn't ready during the 1998 Asian Financial Crisis and the 2001 market decline. This time however, I'm not going to let this golden opportunity slip away. Of course there are risks. But will you simply sit on the sidelines? Or will you seize the day and make the best use of the opportunities presented?
Golden Rule of Investing: Know Thyself Pass It On...
Golden Rule of Investing: Know Thyself
Everyone is familiar with the investment maxim, "buy low, sell high". There's no "lower" time than in a bear market similar to the one we are facing now. Before jumping in with our hard-earned money, there are certain things we first need to know. Even though all investors try to make money, each one comes from a diverse background with different needs. Thus, success depends on ensuring that our investment strategy fits our personal characteristics.
There are two tiers in knowing ourselves. The first is to know our "financial situation". The following factors are a general guide to knowing our financial situation:
Financial Situation
1) Expectation of change: Do we have enough finances to meet immediate needs? For example, if we have financial obligations to meet in the next six months, it's not be advisable to speculate with equity funds, hoping to make a "quick buck". It's also not prudent for someone who has sufficient backup to try to grow their monies from the meager interest banks pay.
2) Investment goals: We should always have an investment objective in mind. A retiring professional would have different investment goals as compared to a young couple just starting out. Is early retirement our goal? Or is enjoying a luxurious lifestyle more important? This determines the investment instrument we would choose.
3) Time Horizon: How long can we stay invested? The longer the time frame, the more likely to receive a positive return. Also, the longer the time, the less risk there will be, citrus paribus. Conversely, if we are only out to make a "quick buck", chances are, we won't do very well.
Unique Individual
The second tier is knowing ourselves as "unique individuals". Individually, we are "wired" with certain behavior biases and personality traits. What's your personality? Do you love extreme sports and the thrill of risk? Or do you prefer reading on your bed while enjoying the stability and safety of your room? Obviously, a compulsive gambler, a worrier, or simply someone who has no interest in, or capacity to learn matters of finance, should stay away from making investment decisions. You may be well-acquainted with yourself already. If not, you may want to try this online personality assessment based on the Jung-Myers-Briggs typology.
Only through understanding our financial health, preferences and personalities can a proper investment plan based on our unique needs be drawn up. As your personal Financial Services Consultant, I am committed to being your Right Partner; to help you understand your needs and plan your investments. So, don't be a stranger; and let's work together on a proper financial plan to ensure you have all the information you need before making any financial decisions.
Pass It On...
Is there anything we can do differently the next time to make it better and more valuable for you? What would you like to see in our subsequent issues? If this newsletter has been beneficial to you in some small way; please share it with your friends and family. Please don't hesitate to contact us should you require more information or would like to meet for a personalized Financial Healthcheck.
Everyone is familiar with the investment maxim, "buy low, sell high". There's no "lower" time than in a bear market similar to the one we are facing now. Before jumping in with our hard-earned money, there are certain things we first need to know. Even though all investors try to make money, each one comes from a diverse background with different needs. Thus, success depends on ensuring that our investment strategy fits our personal characteristics.
There are two tiers in knowing ourselves. The first is to know our "financial situation". The following factors are a general guide to knowing our financial situation:
Financial Situation
1) Expectation of change: Do we have enough finances to meet immediate needs? For example, if we have financial obligations to meet in the next six months, it's not be advisable to speculate with equity funds, hoping to make a "quick buck". It's also not prudent for someone who has sufficient backup to try to grow their monies from the meager interest banks pay.
2) Investment goals: We should always have an investment objective in mind. A retiring professional would have different investment goals as compared to a young couple just starting out. Is early retirement our goal? Or is enjoying a luxurious lifestyle more important? This determines the investment instrument we would choose.
3) Time Horizon: How long can we stay invested? The longer the time frame, the more likely to receive a positive return. Also, the longer the time, the less risk there will be, citrus paribus. Conversely, if we are only out to make a "quick buck", chances are, we won't do very well.
Unique Individual
The second tier is knowing ourselves as "unique individuals". Individually, we are "wired" with certain behavior biases and personality traits. What's your personality? Do you love extreme sports and the thrill of risk? Or do you prefer reading on your bed while enjoying the stability and safety of your room? Obviously, a compulsive gambler, a worrier, or simply someone who has no interest in, or capacity to learn matters of finance, should stay away from making investment decisions. You may be well-acquainted with yourself already. If not, you may want to try this online personality assessment based on the Jung-Myers-Briggs typology.
Only through understanding our financial health, preferences and personalities can a proper investment plan based on our unique needs be drawn up. As your personal Financial Services Consultant, I am committed to being your Right Partner; to help you understand your needs and plan your investments. So, don't be a stranger; and let's work together on a proper financial plan to ensure you have all the information you need before making any financial decisions.
Pass It On...
Is there anything we can do differently the next time to make it better and more valuable for you? What would you like to see in our subsequent issues? If this newsletter has been beneficial to you in some small way; please share it with your friends and family. Please don't hesitate to contact us should you require more information or would like to meet for a personalized Financial Healthcheck.
(original adapt minus graphics)
2 comments:
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