Picking the Right Investment is Like Picking the Right Date
Just as in the world of dating relationships, the age-old phrase “There are plenty of fish in the sea” can hold true to our investment relationships as well. With countless possibilities, which is the best option for you?
The same standards we apply to finding the ideal mate come into play when we evaluate our potential investment strategies. Bitcoin Blonde or Index Irene?
- Bitcoin Blonde – Everybody wants the passion that a hot, new love can bring, but after the newness wears off, you quickly realize there is not a whole lot of substance below the surface.
- Flashy Cashy – At first he seems like the perfect option. In the short-term, he’s always around, he fixes your car, your air conditioner and handles emergencies. Long-term, however, he starts just sitting there, watching tv, not working towards any goals, etc. Having too much of him around soon starts costing you money!
- Bond, Bob Bond – A far cry from the exciting life his brother James leads, Bob Bond is about as boring and predictable as they come. At least you know he’ll show up no matter what is going on in the world, what he’ll be wearing, and where you will be going.
- Steve Stockwell – Every gal’s dream they love to brag about until he’s not. He can be amazing for years, but when he falls, it’s far, fast, and has proven time and time again to be highly unpredictable.
- Index Irene – What you see is what you get. Irene is a frugal, she understands the value of watching expenses. She’s very well rounded, all inclusive and on a personal growth trajectory. There is the occasional setback, but if you can be patient with her, she may be a good partner long-term.
- Annuity Ann – There comes a time in many of our lives when the dating scene is just too overwhelming. Much like an arranged marriage, you are willing to let others decide who you should be with and are willing to pay the higher monetary and freedom costs for the guarantee they won’t leave you in your old age.
Yes, these examples may be a little corny, but getting swept up with emotion and choosing the wrong investment can be as detrimental to your future as picking the wrong mate. For most of us, both our perfect investment and dating match will be a diversified balance of features that is specific to us and what we can handle long-term. They will share our same values, our same tolerance for risk, and our same objectives.
Although a good matchmaker may be hard to find, for those not wanting to navigate the investment journey alone, a good financial advisor can help you find the right investment strategy for your unique needs. Taking the time on the front end to explore options and understand what you are dealing with will help increase your chances of success long-term in all areas of life.