As a whole, the human race is impatient. We all prefer instant gratification to waiting forever in order to get something we want. Everyone wants the fastest internet, quickest weight loss results, or the shortest line at the grocery store. All of that might be well and good for those circumstances, but certainly not for investing. You must be patient with your investments. They should grow over time.
“Our favorite holding period is forever.”- Warren Buffett
Warren Buffet is one of the most successful investors of our life time. He has a wealth of knowledge on the subject. He did not get rich in a day. Only over time was he able to accumulate his immense wealth. He also educated himself. It’s important to become educated about your finances. A financial advisor is meant to help and educate you through your life and changes of the market.
You should feel comfortable discussing your money with your advisor. You should feel like you’re speaking the same language, and feel comfortable asking questions. Use your advisor to educate yourself about your future. Understanding why you need a long term plan, and have to wait will make it easier to be patient. There is a saying that time is money. I think another saying should be introduced. Money takes time.
Our radio show Let’s Talk Future is meant to help educate, and cut through the noise of the financial markets. To listen to this show, or any others click here,
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“An investment in knowledge pays the best dividends” – Benjamin Franklin
• What’s that hot stock pick? (1:55)
• You don’t have control over the markets. (7:48)
• Quote of the Day: “An investment in knowledge pays the best dividends” – Ben Franklin (8:15)
• You don’t know what you don’t know. 20:31
• Listeners ask about what to do with bonds as interest rates go up? (31:33)
Holding investments for the long-term does not ensure a profitable outcome. All investing involves some degree of risk; you may incur a profit or loss.