Time and time again, you will hear me say, “max out your retirement accounts!” However in this situation, I’m saying DON’T! I know you’re probably thinking, “What?!?!?!?!” I get it, but hear me out on this one!
If you are like most Americans, you probably have three to four credit cards you can pull out of your wallet at any time. Credit has become a way of life. The convenience is like no other, and with the ever-increasing threat of identity theft, the fraud protection they offer is typically unbeatable. The reward programs aren’t too shabby either.
From time to time we all need to make purchases that could land us in debt. Maybe you know your car is on its last leg and making a vehicle purchase is in the very near future. Or maybe you are hoping to buy a home in the next few years. That’s why I highly suggest saving any extra money you find in your budget for those types of purchases. In doing so, you will lessen the financial burden these acquisitions put on you. However, when it comes to short-term savings, I’m often asked if there is an investment vehicle you can utilize to grow your money quickly with very limited risks.
For most business owners, your companies are your babies. Just like your own children, you pour all you can into your company so that when they become independent from your guidance, they can stand on their own. That means when the time comes to step away from your business you can leave knowing it will succeed. One of the best ways to achieve that for a business is to devise an exit plan.
While visiting an out of state client recently, I came across a show on the Discovery Channel called, “Naked and Afraid”. The premise of the show is there are a bunch of people are running around naked trying to survive. I’m not an avid television watcher (I prefer reading and other methods of entertainment). However, as I pondered the thought behind the show, it brought me to ask, how many of you are investing naked? I’m not talking about the physical state of your clothing. I am also not referring to naked investing, which is a slang term for owning stocks without an option contract. Basically, I’m talking when you’re not in a covered position that would protect you from a downward movement in the shares you own of a particular stock. What I’m talking about is your emotional investment in your investments. How to stop investing “naked” Right now […]