After enjoying a bit of Chinese takeout food, you might top it off with a nice fortune cookie. Inside you find a little something interesting or a life lesson. Today we’re talking about what fortune cookie wisdom might apply to your financial future.
To start, “The greatest danger could be your stupidity.” With investing and financial planning, ignorance may cause bad choices. You don’t always know what you don’t know. Nathan focuses on educating clients so they are aware of their investments and the strategy behind their financial plan.
“Crisis is an opportunity riding on a dangerous wind.” Financially speaking, a downturn does provide an opportunity. It’s a good buying opportunity when you’re in your working years, but even in retirement this could provide an opportunity. Maybe it’s an opportunity to rebalance. It’s a chance to buy low, but consider the dangers and make sure it aligns with your plan’s structure and your risk tolerance.
If you “accept something you cannot change, you’ll feel better.” Things like interest rates, markets, and taxes are all things beyond our control. You can however make sure you plan in advance and protect yourself. Look at how things will impact you down the road. Finally, be careful when it comes to the statistics. Meet with an advisor to create a plan that works for you and pulls of this wisdom into one place.
Listen to the entire episode or skip ahead using the timestamps below.
0:35 – Nathan recently celebrated an anniversary with a trip to the Big Apple.
3:46 – “The greatest danger could be your stupidity.”
7:10 – “Crisis is an opportunity…”
9:25 – “Accept something you cannot change…”
11:52 – “Don’t let statistics do a number on you.”
A Point Of Wisdom:
“It’s worth however long it takes–two or three meetings–however many it takes to get it done. It’s worth that because you’ve got that piece of mind, know where things are, you know what the plan is, and you can adjust over time.”