Tag Archive for: Steve Booren
Improving Investor Behavior: The Positive Mindset of Investors
Pessimism is poison for investors. Following national headlines would have you
believe we are moments away from catastrophe, teetering on the edge of sheer doom. It’s an easy narrative in which to engage, especially when we hear it every…
Improving Investor Behavior – Managing Your Time Like Money
As a financial advisor, I am typically hired by clients to help them manage their resources. Most often, these are financial resources including cash, investments, etc. Sometimes I help people to manage their business resources such as connecting…
Improving Investor Behavior – Doubt, Sold with a Smile
Financial advice is usually broken into three steps. First, define your goals. Where do you want to go? Next comes a plan. This is the recipe for working toward your goals with actionable and measurable steps. Then comes implementation when…
Improving Investor Behavior – Know the “Why” for your Investments
As financial advisors, we receive questions about all types of investments. Here’s one we recently heard:
I am a doctor, and many of my friends and fellow doctors are getting into real estate. There is a group that invests in local…
Improving Investor Behavior – Learn to Love a Falling Market
The financial markets have given investors quite a ride in the past few months. Not only have we seen a drop in the prices, but the volatility and multiple-percentage point days seems to have investors feeling a little seasick. The first thing…
Improving Investor Behavior – Focus on the Right Number
With the year coming to an end, 2018 has been a tumultuous one for investors. For the first time in 46 years, there has not been a clear winner in any asset class: from stocks to bonds, emerging markets to precious metals. As of this writing,…
Improving Investor Behavior – Managing the Pain of Regret
Regret may be the most enduring and damaging emotion investors grapple with during their financial lives. As financial advisors we see it from both sides: clients either regret having done something, or regret NOT having done something, or…
Improving Investor Behavior: Managing Your Fears
Shark Week is among the longest running and most popular cable programs in history. First appearing 30 years ago in 1988, the show has since been watched and celebrated by millions. Why would a program about sharks and their danger be so popular? I think it plays on the emotion of fear, and more interestingly, people’s desire to be a little bit scared.
My point is this: sometimes our greatest fears are the most unfounded. Whether it’s an oversized fish or monsters under the bed, our worst fears take up an oversized portion of our conscious and drive actions that can be damaging and counterproductive. Fear is a powerful emotion and one you must learn to rein in if you want to be a successful investor.
Improving Investor Behavior – Fear of Missing Out
When you are stuck in traffic on the interstate, creeping along, do you find yourself wanting to switch from one lane to another? Do you glance to the left and see the “fast lane,” and are envious of how quickly they are moving? You look…
Improving Investor Behavior – The Prosperity Mindset
Wealth is a mindset. In my years as a financial advisor I’ve worked with many wealthy individuals who have everyday-type jobs. From bus drivers to teachers, entrepreneurs to an administrative assistant at the Chamber of Commerce, I’ve…
Improving Investor Behavior – Longevity and the Fear of Running Out
When do you plan to die? Weird question, right? It’s one that financial advisors have to ask their clients. The typical approach to retirement planning involves spending down the portfolio, a lifetime of savings for a client, at a rate that…
Improving Investor Behavior – Myths & Language
Many people believe the stock market is risky. It’s often described as a casino, using words like crash, falling, and my favorite Wall Street word: “correction” meaning falling 10 percent or more from a previous high price. My definition…
Invest in Businesses Rather than Renting Stocks
Most business owners can feel the pulse of their business. If you own a coffee shop for instance, you can go to the location, see and interact with your employees, touch your inventory, and keep your customers happily caffeinated. You can smell the aroma of your business. You can feel it. What if you had that same feeling as a shareholder of a public company?
Improving Investor Behavior – Make Steady Savings Your Strategy
There’s $15 on the line, and your buddy is stepping up to a 10 footer for a birdie on the 18th hole. It’s a slippery putt, but not slippery enough. As he takes his shot, human nature kicks in. “Miss it, miss it,” we say to ourselves.…
Renegotiating with our Business Partner, Donald Trump
Imagine you have a business relationship with a partner. You work and run the business, and take home 65 percent of the profits for your efforts and your partner received 35%. Last December your partner recognized your hard work and rewarded you with an additional 14 percent of the business, reducing their take to 21 percent.