Below are a few bullets that outline our takeaways from 2020. Please take a listen for further details and reach out if we can help you in any way to bring clarity to this information, resources or your financial goals.
2020 Investment Lessons (not comprehensive)
1 . We are living in a time of "mania" where folks are "stacking maybes" keeping their money tied up in the stock market without counting the cost of the historical and mathematical narratives. We think the risk of market correction is significant and may cause individuals to have to rethink retirement and even worse, lose time to make their financial goals work.
2. Most people are still ignoring the Meta Narratives of Investing (see Episode 3)
3. Greed can look civil and rational
4. Very few of us have a defined Mission and Vision and can even tell the difference between the two.
5. Vision outlines the "how" of how we progress. It outlines the specific path and components in the constellation that we use and utilize to bring about our financial goals. It also sets the parameters for "safety" that protect our families from financial ruin/risk but also defines the specific entry fees for future endeavors/ investments
6. Have a specific person/people group in mind when you invest - how will your investment benefit someone and specifically, who is going to be the beneficiary.
In part 2 of "Lessons We Learned in 2020, we will discuss the personal lessons we have learned this past year.
Resources/ Mentions:
Switch : How to Change When Change is Hard
The Fourth Turning
Become Your Own Banker
The Richest Man in Babylon
Contact:
PW Gopal - pwgopal@pwgopal.com, pw.gopal@thebluecollarmoney.com
Mike Hatch - mikehatch@thebluecollarmoney.com