GETTING AN INVESTING GAME PLAN docx

[...]... suspect they can use some assistance in getting an investing game plan and for reasons I’ll describe later I think almost anyone can benefit from good, unbiased advice—the final chapter discusses how to seek out and size up financial advisors 12 Why You Need a Game Plan The Big Picture This book, then, is about the 10 steps to a successful investing game plan But investing is only part of your financial life... Neither is any other Certified Financial Planner or Why You Need a Game Plan 11 advisor who is worth their salt I see money and the people who own it as intrinsically connected It’s up to me to synthesize an individual’s goals, risk tolerance, and his or her money into a workable investment game plan As a Certified Financial Planner, I’ve been trained in holistic financial planning to do this, and I’ll... invest that compounds and grows the most dramatically over time At the other extreme, there is no set age at which you can’t afford some upside risk Any age can warrant an investing offense and an investing defense 5 Plan short term for the long term The financial planning profession loves a 30-year plan But the prospect can be so daunting that it prompts people to give up any hope of planning at all Avoid... savings plan 3 Retirement Planning Some people prefer to think of retirement planning in terms of financial freedom or independence from an employer or from worry Whatever it means to you, living without a fresh stream of steady income takes advanced planning 4 Estate Planning You’ve poured your life’s work into building an estate, and you need to do some planning to protect and distribute it Estate planning... attack, a game plan can enable you to survive a personal financial crisis More than any single stock, single mutual fund, or single buy or single sell order that you may place, a game plan is the key to successful investing A game plan is actually fairly easy to devise and maintain Which is why it’s ironic—and sad—that so few people have one From what I have observed in my 35 years as a financial planner,... a game plan is the common denominator of investors’ woes After the grim markets of 2000 and 2001 and 2002, many investors sense the need for a game plan But they don’t know quite how to go about getting one That’s where I believe I can help As a Certified Financial Planner in private practice with more than three decades of experience, I’ve helped hundreds of real people meet their 8 Why You Need a Game. .. It Up! 203 Investing Game Plan for Mr Robert Smith 204 Purpose (Step 1: Get the Game Plan Mind-Set) 204 Market Volatility and Your Game Plan (Step 2: Know Your Risk Tolerance) 205 Your Goal and Personal Benchmark (Step 3: Know Your Goals) 206 Portfolio Theory (Step 4: Get the Fund Fever) 206 Your Allocation (Step 5: Get an Offense and a Defense) 207 Selecting Investments (Steps 6 to 8: Pick and Know... give the book its tone, and to Dennis Watkins and Faith Ann Jenkins Thanks also to Don Phillips, Annette Larson, Kathy Habiger, and all the folks at Morningstar Their talent and voluminous information added immeasurably to the quality of this book For insight into the financial planning world, Sandra Knisely and Al Hockwalt were immensely helpful Phyllis Primus organized a significant part of my marketing... experience Through my experience, I’ve framed a 10-step approach to getting an investing game plan, with the steps grouped in three parts: Invest in Yourself 1 Get the game plan mind-set”—commitment, consistency, courage 2 Know your risk tolerance 3 Know your goals Create a Game Plan 4 5 6 7 8 Get the fund fever Get an offense and a defense Pick the players Know your team Get to know the players Stay... You Need a Game Plan 5 The Big Picture 1 12 Step 1: Get the Game Plan Mind-Set—Commitment, Consistency, Courage Commitment 16 Consistency 21 Courage 23 Step 1, Get the Game Plan Mind-Set: Summing Up 2 28 Step 2: Know Your Risk Tolerance The Guesswork of Risk 30 The No-Risk Stash 31 Reasonable versus Extreme Risk 32 Risk Tolerance: The Risk That You Can’t Handle the Risk What’s Your Risk Tolerance? 36 . Up! 203 Investing Game Plan for Mr. Robert Smith 204 Purpose (Step 1: Get the Game Plan Mind-Set) 204 Market Volatility and Your Game Plan (Step 2: Know Your Risk Tolerance) 205 Your Goal and Personal. humor, love, and insight provided by Maura’s husband Carlos Sadovi and their daughter Kyra, and Jamie’s husband Jed Weissberg and their son Chet. I am thankful for all the work that the Game Plan s many. defense. 5. Plan short term for the long term. The financial planning profession loves a 30-year plan. But the prospect can be so daunting that it prompts people to give up any hope of plan- ning