In investing, you have to remember it is YOUR money. You need to be or become active in it. This is not saying you have to do it all yourself, but you need to be part of the process. Here are three questions to help you get started.
First, how did you get where you are and what caused you to get the results you have seen? Were the investments solid or could you have done better? Is your money safe enough for another crash? Have you been saving enough??? You need to understand where you are and how you got here.Second, the success or failure of your investments lies solely on you. Exactly what part were you responsible for? Have you chosen the investments yourself? Did you make an informed decision that you couldn't do it yourself? Did you hire the right advisor? Were you sold a product? Hindsight is always 20/20, but if you had to make the same choices today, would you choose the same answer? Remember, this is your money so you need to accept some responsibility for how much you have today.
Finally, are you focused on the actions needed to improve your situation in the future? Do you need to change investments? How has the economy changed your situation? Is your advisor still right for you? Do you know what you are looking for? Do you have a clear picture of what your goal looks like?
Investing is a constantly changing process. You need to be active in it if you want success in your financial future.
To hear the Smart Money Radio Show segment focused on this topic, Please Click Here! (about 7 minutes long)
To hear the full Smart Money Radio Show where Bruce discusses this topic and more, Please Click Here! (about 25 minutes long)
