STOP!!
DON’T DO IT!!
You just had a conversation with your second cousin's husband over Thanksgiving dinner, and he gave you this “great” investment idea or financial advice. His pitch was persuasive, and that finance class he took in college, along with his morning habit of reading the Wall Street Journal, makes him seem credible. In all reality, that extra dose of tryptophan from your second helping of turkey doesn’t only make you sleepy, it also makes you susceptible to bad financial decisions.
This is what happens around the Thanksgiving table. We connect with friends and family we haven’t seen in ages, and we talk football and finances. Some of us will be more vulnerable this year as maybe our portfolio (or football team) has been underperforming our expectations. To combat these temptations to ready-fire-aim on a modification to your portfolio or plan, I wanted to walk you through the appropriate process.
Some of you may be laughing about the manner I’ve set up today's discussion, but I’m telling you that these Turkey Time Temptations are real. I’ve had a front-row seat to a lot of foolish financial activity, and in my postmortem, I come to find that it all started at the Thanksgiving dinner table.
With that said, here’s the appropriate step-by-step process for introducing changes to your portfolio/plan:
Links mentioned in this episode:
Trevor is a Partner, Director of our Private Wealth Advisor Group, and Author of Thoughts on Money.
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