Don't Fall for Financial Ghost Stories
As the spooky season approaches, you may find yourself surrounded by tales of haunted houses and ghostly apparitions. But in the realm of finances, the real chills come from market myths that can make even the bravest investors wary. If you find yourself feeling anxious or uncertain about your financial decisions during these times of economic volatility, fear not.
"This is a no-risk investment."
We've all heard it before—claims of investments that promise high returns with no risk. While they may sound like treats, beware: these are likely tricks. Every investment carries some level of risk, and it's essential to assess your own risk tolerance. Always approach such claims with caution and consult with a financial advisor if necessary.
"The market is declining — I need to sell."
In times of market downturn, the emotional urge to sell and cut losses can be overpowering. However, history teaches us that markets tend to recover. Panic selling often locks in losses, derailing long-term goals. Instead, focus on staying aligned with your investment strategy and remember past market recoveries.
"I can time the market."
The notion of predicting market highs and lows is enticing but fraught with pitfalls. Attempting to time the market can lead to missed opportunities and hefty losses. Rather than trying to predict, adopt a long-term, disciplined investing approach. It's more reliable and avoids the rollercoaster of speculation.
"I don’t have enough money to invest."
A common misconception among aspiring investors is that wealth is required to start investing. However, even small, regular contributions can grow substantially over time. The magic of compounding works best with consistency. So, start as soon as possible and focus on what you can contribute regularly.
Empower Yourself with Knowledge
While financial myths can feel as chilling as any ghost story, knowledge is your best defense. Always evaluate tips with a critical eye and remember, you don't have to navigate investing alone. If you or someone in your circle has doubts about what’s true and what’s myth in financial advice, reach out. We're here to help dispel the myths and guide you confidently through the financial landscape.
Halloween in our House
Tom had one very specific request when we found out we were expecting twins - the first Halloween they are walking, for them to dress up as the slinky dog from Toy Story. Adorable and simple, right? Just finding this costume has proven to be expensive both in money and time! Walmart has one for over $100 that would be huge on them. Etsy has sellers offering options starting at $350. Folks are reselling them for $200+ on Facebook market place. I finally scored one for under three figures... stay tuned to find out how long the boys actually wear it for trick or treating!
