Chris Worby, a reputable financial advisor and provider of Wealth Management services in Regina, is a trusted professional with more than two decades of expertise. Worby Wealth Management caters to individuals, families, and business owners in the Regina area, and we deliver exceptional financial and wealth management services. The team at Worby Wealth Management is attentive, crafting personalized financial plans to meet clients’ unique needs. Chris Worby has a saying he comes back to often: friends don’t let friends drive their own portfolio. Below, he shares a real story about the cost of taking investment advice from the wrong source, along with a few rules that hold up no matter what the market is doing.
Friends Don’t let friends drive… their portfolio
I had a meeting a few months ago with someone who had sat out an entire 2 years of investment return – someone they knew and trusted said the market was going to fall apart in 2024 so they sold their investments to cash and missed out. On somewhere between 30%and 50% return depending on their risk tolerance.
I have very smart friends for sure. And some of them are excellent electricians, engineers, computer programmers and all kinds of things. But I don’t go to the carpenter and ask him what he thinks is wrong with my computer. It seems like investing is a funny industry because there is a lot of information available so everyone has an opinion. A person can also find someone to back up whatever opinion they like as well so whatever you want to believe about investing can be backed up by someone.
THE FINANCIAL RULES
There are, however, some rules that work often and consistently enough that it’s worth just following them:
Stay invested.
It seems easy but the number of times it is ‘obvious’ that the market is going to fall apart for it not to is too much.
Emotional decisions are the wrong ones.
March 2020 was time to get out of the market -only for it to have a full recovery. 2009 was a bad time to invest – except that it wasn’t. July 2008 was a good time to invest. Emotions are misleading when it comes to investing.
Diversify.
When stocks are great, no one wants bonds but when stocks are bad, they’re really bad. The US market is strong but it’s probably a good time to look at Europe and Canada right now. What used to work rarely works forever.
Keep cash on hand.
If you have a safety net account and a backstop for when the furnace goes or something happens, you’ll be fine. Without it, you may have to sell an investment at a bad time.
And finally, go to a professional!
I don’t care how smart your friend is or how good his tools are, get a dentist to do that root canal – and get an advisor to build your portfolio.
If any of this sounds familiar, whether it’s a friend’s hot tip, a headline that spooked you, or a portfolio that hasn’t been looked at in a while, it might be worth a conversation. There’s no pressure and no obligation. Book a chat with Chris right here: https://calendly.com/chris-cnq/one-on-one-with-me
REGINA FINANCIAL ADVISOR Your Can TRUST Chris Worby from Worby Wealth Management helps you live your dream!
