Myth #2 My Advisor Can Tell Me What the Markets Will Do
Financial Myth’s Blog Series
Unfortunately, much of the information relating to money that permeates our thinking as individuals and as a society is based on myths. This misleading information has no factual basis and can actually prevent us from achieving our financial objectives. This week we’re dealing with the misconception that your advisor knows what the markets will do.
Follow along with us through the Financial Myths Blog Series. You may be surprised by what you discover about yourself and your financial plan!
Myth #2 – My Advisor Can Tell Me What the Markets Will Do
Does your advisor have a crystal ball tucked away in his (or her) office?
Millions of factors affect what the market does, and most of them are impossible to foresee. Advisors claim they can accurately predict it, they may even get lucky on occasion, but no one can consistently tell you what will happen tomorrow. Therefore, it is a waste of time (and money) to predict or try to outsmart the market.
A financial advisor should help you with the following.
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Getting organized
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Having better conversations
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Making better decisions
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Coordinating cash flow
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Increasing your probability of success
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Building your estate plan
If you don’t have an advisor, look for someone who has built their practice around these six things. Above all, search for someone willing to tell you what you don’t want to hear. A financial coach should help you make better decisions that lead down a path to a better life.
Let’s focus on what we can control.
It sounds good when people tell you they can predict tomorrow’s market, but they can’t! I can’t emphasize that enough. Focusing on what we can control should bring you clarity, comfort, and confidence in your financial life.
So, let’s stop pretending that financial planners are fortunetellers with a crystal ball!
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