We Wish you a Joyful Holiday Season From your Friends at Check Book IRA
By Peter Rizzo
As we wish all of you a very Happy Thanksgiving and hoping that you surrounded yourself with family or loved ones, we also want to note a phenomenon that happened this holiday season. Usually, our phones go silent noon on Wednesday before Thanksgiving and don’t start ringing till the following Monday. But this year, the minute the turkey was carved and pumpkin pie tasted, emails and phone calls started coming in. People were watching their 401(k)s turn into 201(K)s and were panicky to stop the bleeding so they don’t turn into 101Ks, meantime most financial advisers were making more excuses than high school kids after curfew. Because of this more people want to take as much control as possible over their retirement accounts.
That is where we come in.You have as much control as you want, but you can enlist the help of a professional advisor whenever you so desire.
I asked one of our very successful affiliates what they tell their clients during these times of financial uncertainty.
1. Stay true to your goals. If you’re invested for the long term, don’t sell off at the first sign of a downturn—maybe that’s the time to invest more.
2. Realize what is fake news and what is real news. Too often, people read articles on the Internet written by fear mongers who have sold an investment short and are trying to drive price down. In other words, vet your source or sources of information.
3. Invest in what you know. If you’re going to invest in Bitcoin, become a student of cryptocurrency. Don’t be afraid to look at your past career to see how you can invest in your expertise.
4. Don’t be afraid to use a financial advisor. Good advisers relish the thought of their clients using checkbook-controlled retirement accounts, for it leads to all kinds of alternative investments and helps them show their value to the client. They can also help shuffle through the fake news and suspect investments
5. Invest with a worst-case scenario – WHAT IS THE WORST THAT CAN HAPPEN. That is one of the reasons I like real estate, for if everything goes into a kerfuffle, I always will have some place to live in. I have enough stock certificates that are only good for starting a campfire.
WE don’t invest to lose money, but to build our financial future and the best way to do that is to have a complete plan. Remember that the greater reward the greater risk.
All in all, the above are a few nuggets that I hope you can use. Finally, we would like to wish you and your family a very joyous and profitable holiday season.