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  • Scared of Investing?

    “I know I should be in the market, but I’m scared of investing.” I hear this from new clients all the time. And it’s understandable, based on the ups and downs of the past ten years. I get it.

    But I have to do more than say “Trust me.” I have to build that trust.

    To do that, we take new clients through a three-step planning process. They are actively involved in the creation of their financial plan as we identify goals and outline the steps to achieve financial freedom. Then they decide if IRC is a good fit for them.

    As we take new clients through the process, we talk about investing. While it’s is an important part of any wealth creation plan, investing can be scary if you’re inexperienced or have been burned in the past. That’s why we look at it as only a piece of the plan. Investing doesn’t have to be all or nothing; it’s part of the journey.

    Because we believe in a balanced approach, we recommend investing in other ways first. Paying down credit card debt produces a guaranteed rate of return. Same with paying down a mortgage. A rate of return can also come from investing in you, through education, training or accreditation that will increase your income, providing more money to invest.

    Investing in the market may be as simple as increasing your monthly 401K contribution, whereby you get the immediate benefit of a pre-tax contribution and the experience of dollar cost averaging. You become used to the ups and downs on a smaller scale.

    The market has always gone up over time. However, I also ask clients these three questions before they invest in the market:

    1. Do you NOT need the money for three to five years?
    2. Can you handle the emotional aspect of the ups and downs?
    3. What’s your past experience in investing and do you fully understand what you’re investing in?

    To me, investing in the market is like starting the swim when I’m competing in an Ironman. My stomach is always churning. I know there will be ups and downs. But I jump in, start slow and absorb the bumps along the way. And, at the end of the day, I cross the finish line. With a balanced wealth creation plan, you’ll do the same.

    If you’d like to talk to the IRC Team about our unique investor-centric  process, contact us here.

     

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    Scared of Investing?

    by David Ragland time to read: 2 min
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