Going nowhere fast!

This is the reality for most people I talk to every day. We know how much money we need to live on. A few know how much money they spend. But is this enough? As I saw on a friend's business card: life is not a dress rehearsal. There is no do over.

How do we make a course correction without feeling completely overwhelmed? We need a strategy. We need to outline the strategy, and then implement, monitor, and tweak it as needed. 

Do you have a strategy that is in place?  Do you review it regularly?  If you do then you are comfortable when the stock market feels like a roller coaster ride.  Without your own professional advisor you aren't aware of the fact that the S&P 500 was down just under 10% in the spring of 2012.  Then in the fall of that year it fell again and was down just under 8%. But it finished 2012 with a nice gain.

Is it possible that last week when the stock markets was down for several days in a row and the DOW broke below 15,000 that the market was taking a much needed breather or pullback? If we feel it is the beginning of a down market, we’re guessing. If we feel it is the beginning of a nice run up, we’re guessing. If you want to guess, head to Vegas, go to the buffets, see a terrific show, and put your money on red or black at the roulette tables.

So, what are you supposed to do?

You need to work with a professional advisor and create a financial plan. You can’t and shouldn't do it yourself. It doesn't matter if you are a baby investor just starting out with $5,000 or someone who has over a million who can't afford to lose their hard-earned money.  It doesn't matter if you aren't ready to save and just need help getting out of debt.  Don’t fool yourself that you can analyze this on your own.  I see many make this mistake until it is too late.

Put the plan into action and start the journey. It’s no different when your kid is going to college. I have seen many parents pay a pretty penny for a college admissions coach to sit down with their kids and do the same thing: discuss the easy school to go to (easy financial plan), the realistic (what you should be doing but usually don't) and the stretch (still possible but requires you to buckle down).  You don't want to risk their journey, why risk yours?

I see too many people get caught up in the noise and take no action.

Conversely, I see too many people not get interested in the important stuff—like getting the proper insurance, reviewing contracts, talking to CPA's before tax deadlines, and working with a professional advisor for financial planning matters. Take a look at your college-bound kids—they don’t do it all themselves and neither do you.

Don't go this alone. Call us today to discover a comfortable yet productive plan that we will develop just for you. Stop going nowhere fast!

At BMM, we help folks like you every day work through these problems and questions and would like to do the same for you or anyone you know. Reach out to a member of the BMM Advisor team.

Investment advisory services are offered through Berson Money Management, a registered investment adviser offering advisory services in the State of California and in other jurisdictions where exempted. The contents of the blog are not to be copied, quoted, excerpted or distributed without express written permission of the firm. Any other use beyond its author's intent, distribution or copying of the contents of this e‐mail is strictly prohibited. Nothing in this document is intended as legal, accounting, or tax advice, and is for informational purposes only.