Jun 16, 2022
Sometimes the biggest thing holding you back is you. If you overthink something or act impulsively, it can have big implications on your financial plan. Let’s talk about the main areas where people tend to get in the way of themselves and what to do instead.
Are you feeling a little worried about the market at the moment? Alan and Troy share what they tell clients to focus on instead. Think about how much risk your plan can withstand and still have a successful outcome. Even if you’re down, does your market provide what you need and are your at-risk assets appropriately protected?
Anytime the market is volatile, people will get in their own way as they let fear or greed take over. Financial advisors are there to help you stick with the plan and make logical and strategic decisions with your money. If you think you want to get out of the market, have you considered your plan for getting back in?
If you leave money in cash for too long, you might feel a bit of regret or wonder when the time is to get back into the market. Another common problem is overthinking the decision to the point of not making a decision at all. Remember that not making a decision is a decision in itself. When you’re getting ready to start drawing this money out, having a relationship with an advisor is so critical because there are so many other things outside of the investments that you have to decide on. Are you prepared to make the right decisions for your situation?
Listen to the entire episode or skip ahead using the timestamps below.
What we discuss in this episode:
0:37 - How do you handle worries about the market?
6:04 - How do advisors help people get out of their own way?
11:11 - What about leaving too much money in cash?
14:40 - Overthinking to the point of never making a decision?
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