Society is trapped in the credit crunch and stock market. Don't' get me wrong I love a mutual fund here and there. During this time investments are great for the person investing long term. I like to look at purchasing mutual funds using dollar cost average as buying a pair of Jimmy Choos on sale. I can now buy two for what was the price of one last year!
I am being overwhelmed by clients who want a second opinion on their investments. As a personal management consultant, I take a therapeutic approach to finances and consultations. I ask all the pertinent questions that taps into your psyche and ponder about your behaviors. How do you feel when you lose ten percent of your investment? Why do you continue to throw money out the window by maxing out credit cards? What emotions do you have before you go on your destructive shopping spree?
Although, most are losing money at this time I would suggest you not touch a thing if you are dollar cost average. Let me put the scenario into perspective. When you are at an amusement park waiting to get on the most dare devil ride your adrenaline is pumping from excitement. It's finally your turn, you strap yourself inside the car and grab onto the rail. The car travails through loops, up, down and around the corner. You scream for dear life and at times close your eyes. Before you can take another breath the ride is over. The attendant is thanking you for the ride and you're looking disappointed. Is this it?
The only person who gets hurt on the roller coaster is the one who tries to jump off. I suggest you sit back and enjoy your ride. Most individuals pull their investments at the lowest point after all the monies are gone. Does that make sense?
Be inspired,
Bahiyah Shabazz
Wednesday, January 21, 2009
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