Ask Ed: Know Thyself
Question: What type of investor are you?
Answer: Some investors are eternal optimists. This can be hazardous to your financial health as impulse may drive your decisions. To compensate, you need a trusted advisor-an attorney or accountant- to act as a filter before making big commitments or signing contracts.
Question: Are you a glass half-full investor?
Answer: Always looking for problems is a good thing, but may prove too much of a good thing causing you to miss out on certain opportunities. Being self-aware of this tendency is the first step. Try not to judge quite so hastily.
Question: What if your mood tends to swing back and forth between optimism and pessimism depending on what kind of day you may be having?
Answer: You may find it useful to simply record or chart your mood each day, using a scale from 1-10. Don’t make any big decisions or commitments unless your mood is toward the middle of the range.
These simple tips are quick and easy to use.
Better decisions begin with more self-awareness. Know thyself.
Ed Mahaffy, MBA, CFP®, ChFC
ClientFirst Wealth Management
1501 North University-Suite 715
Little Rock, Ar. 72207
501-603-0406
www.clientfirstwm.com
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