| "If you don't know where you are going, any road | | | | been good students, but badly taught. |
| will get you there." | | | | Let me prove that to you. If research was so good |
| This very much applies to the your retirement plans | | | | then why isn't every broker rich? He has access to |
| especially if you are investing in the stock market. | | | | more information than you will ever be able to get. |
| The proverb clearly states you need to know where | | | | The big wire houses subscribe to tons of information. |
| you are going and how to get there. Right now, do | | | | Brokers seem to confuse information with |
| you know how much money you are going to need | | | | money-making. Information is of no value at all if you |
| to retire in the style you wish and, right now, do you | | | | can't turn it into the purchase of a stock or mutual |
| have a plan to get that money put away? | | | | fund that is going up. |
| Unfortunately, most people don't. Many are saving, | | | | I maintain you don't need to know anything about a |
| but with no plan. Are you one of those who let his | | | | stock or mutual fund. All you need to do is look at a |
| broker or financial planner do the investing for you? I | | | | chart of a particular equity and if it is going up at a |
| sure hope not. When I owned my brokerage | | | | 30-degree angle over the long term (last 3 months), |
| company I can tell you about 1% of these "experts" | | | | then buy it. When it quits going up, sell it and find |
| know how to make money. My definition of a broker | | | | another one. Brokers will tell you this is too simplistic |
| is one who makes you broker. | | | | and won't work. As I said they have been badly |
| Brokers will talk circles around you with all the usual | | | | taught. |
| Wall Street smoke and mirrors. Their two great | | | | If you are not happy with the returns on your |
| myths are "Buy and Hold" and "Dollar Cost | | | | investment portfolio you will want to reanalyze your |
| Averaging", both of which don't work very well. And | | | | goal. Set an amount. Change direction. Get on a |
| then they will mesmerize you with "Research" which | | | | better road to achieve that goal. |
| is the greatest waste of time I can think of. Brokers | | | | You cannot rely on someone else to do it for you. It |
| are not taught how to make money and they don't | | | | is not their money, it is yours. No one will take the |
| even realize it. Their training is designed to keep the | | | | interest in that you do. Just do it! |
| brokerage house from being sued. Brokers have | | | | |