If you’ve been following my newsletters over the years, you know I believe in diversification and that one of the key ingredients to reaching your goals is to avoid catastrophic financial events.
It’s important to note, as the table above illustrates, that not every investment has to make money. Limiting the size and number of the losses is important, and if avoiding any kind of loss at any time is your strategy, then you’ll always be on the sidelines.
Risk management is key, and with that it is understanding some investments will do different things at different times, and not all will be winners in each time frame. Keeping your eye on both winners and losers and replacing them when necessary is a standard ingredient in prudent portfolio management.
In the movie “City Slickers”, Curly is asked what the meaning of life is. He replies “One Thing”.
It’s my belief that your financial success is so much more than just investments. That’s why I named my company “Generosity Wealth Management” instead of “Generosity Investment Management”. I feel 80% of acquiring and preserving wealth is behavior, not chasing after the home run investment.
A colleague here at the office said “funny, the harder you work the luckier you seem to get”. I couldn’t agree more.
My video this week is about the importance of finding the “one thing” that you’re doing that is holding you back from financial success. It’s also about the “one thing” that you’ve done to make yourself successful–continue doing that!
Hi there, Mike Brady with Generosity Wealth Management, here in Boulder, Colorado. And I this week I want to talk about finding your one thing!
And I was inspired to do this video by a friend who writes a blog, which I think is just wonderful and I’ll post the link up on this video and in my newsletter. But he was quoting City Slickers, where Curley, who’s this kind of older cowboy, and he’s asked what the, you know, what the secret what is the secret of life is, of happiness, and he says, “it’s just one thing.” And the person says, “What is that one thing?” And he’s like, “that’s for you to figure out.”
And it’s my belief that so much of being successful in life and being successful financially is behavioral. You need to find out what you’re doing if you’re already successful, if you’re well on the way to saving for your retirement or you’ve retired, and there’s just, you know, you’re going to be fine for the rest of your life, and because you’ve accumulated a good amount of money for your retirement, then continue doing what it is that’s gotten you this far. If, on the other hand, you are hoping to retire, or you look at your finances and you say to yourself, “gosh, what am I doing wrong? Why is it that I’m making one hundred thousand dollars a year and I have a bunch of credit card debt and I have a piddly saving, and I just can’t seem to get ahead…” Well, you know what, it’s probably not that you’re making the wrong investments, which, that might be one of them. But really you have to ask, why are you spending too much money? OK? And so, inside your life there is probably one, maybe even two things that you’re doing that’s holding you back. You’ve got to figure out what it is.
And I can help you find that out, if you need some guidance. But what is that one thing that’s going to make you successful? What is that one thing that has made you successful? And it’s probably not this investment or that investment, but it was something that you did behaviorally. It was your attitude, it was the relationship that you had with money. It was something that was probably not that sexy. You know everyone likes to talk about this stock and that stock, you know, around the old barbeque, neighborhood barbeque, but you know what really makes you successful, many times, is something that you’re doing, consistently. And you’ve got to figure that out for yourself, and if you need some help, some guidance, in figuring out what that is, what could hopefully propel you towards reaching your goals, please give me a call and we can try to uncover that.
Mike Brady, Generosity Wealth Management, in Boulder. I’m serving the Boulder, Denver, Longmont area in Colorado- although I have clients in probably ten or elven different states. If you’re in another state and you’re wondering if I’m interested in having you as a client, the answer is, let’s have that conversation and I can always get registered in that state. 303.747.6455.
You have a wonderful, wonderful week! I’ll talk to you later, bye bye now.