Investors, Trust Your Gut!
by: Brendan Magee
You do not have to be an expert in something to know when something doesn't look or feel right. Under those circumstances, you need to stop and do not proceed any further until your concerns have been properly addressed.
I am not a master carpenter, but I can tell when screws are a lot looser than they should be. Case in point, I purchased a new flat screen television set for my conference room. The salesmen told me the store could send someone out to set up the television for an additional $100 where all they would be doing is securing eight screws into the base of the set. Having just spent a few hundred dollars, being able to read and follow the directions, and knowing righty tighty, I felt up to the task of setting up my new television set.
I followed the directions, had the stand screwed into the base of the set, and proceeded to put the set on the stand. Something wasn't right though. The set was a lot looser than what felt appropriate or safe. I had visions of my new set falling to the floor and shattering into pieces. I would be worrying all the time if I left the set as is.
I took the screws to the hardware store and within 10 minutes the guy told me the screws that came with the set were too short. I would have never known. He gave me a bag of shorter nails and in 20 minutes the set was secure, up on the stand and has been in good use since. As far as my set was concerned, I now had peace of mind.
My experience, I bet, was similar to what a lot of investors go through. They sit down with an adviser or do some research on the inter net and put together a portfolio that will help them achieve their life dreams. Only something doesn't feel right.
There are thoughts like, I don't understand how this investment works exactly. How much am I paying for this product? How will I know it's working or not working? How do I know that the funds and products I see on television aren't better than the ones I own? You just can't seem to get comfortable with these questions going unanswered.
This is the time to stop and get your questions answered. Do not stop until you have got the answers to your questions. All too often, rather than a television laying shattered on the ground, it's investors portfolios that are dashed in a million pieces and you can't put back together what you have spent a life time building. A couple of minutes acknowledging your doubts (not ignoring them) and taking the time to seek out someone who can get you the answers to your questions can be the difference between peace of mind and a disaster.
If you are dealing with a planner or adviser who is merely interested in selling you another product, your questions will not get answered. You will be told how your life will be that much better if you put your money in this product or that product.
If you are dealing with a coach, not only will they want to know what all questions are at that point, they will most likely add to the list. They will add a couple of questions you had not thought to ask. Getting the questions you hadn't thought to ask answered will be the key to eliminating any nagging doubts and having peace of mind.
Brendan Magee is the founder and president of Inevitable Wealth Coaching. With questions, comments or feedback e-mail brendan@coachgee.com or call 610-446-4322.
