I remember preseason training for sports back in the day.
After running wind sprint after wind sprint, most of us would be standing there, gasping with our hands on our knees, barely able to catch a breath.
Coach would say, “This is why we run after practice. We train hard so that when we get to the regular season, it’s easy. We’ll plan ahead of time to be in better shape than the other team. And when the game is on the line, we’ll be prepared, and they won’t.”
Global markets are experiencing large moves up and down today and many investors are freaking out.
US stocks declined enough at the market open, 7%, to trigger circuit breakers that paused trading.
Investors all over social media are panicking. Because they don’t have a plan.
But you do.
You put in the work over the past decade. You’ve read our blog posts and books, you’ve listened to the podcast, and eventually, you built a plan. And take note, they’re not all the same plan. But at least you have one so that when it hits the fan, like it is now, you’re prepared.
My firm has over 45,000 investors and exactly zero have emailed or called me today in a panic. That makes me really happy.
However, for those that feel rudderless, and a sense of panic – take a breath and a step back. I’m here to help.
Here are three pieces I’ve penned recently that outline a long term view on how I think about investing.
Part I, “The Get Rich Portfolio“, is an attempt to address our collective quest to make more money – but now, on a holistic level. I’m talking wealth generation, preservation, and finally, a “rubber-meets-the-road” example of strategic implementation.
After all, whether your goal is to be a philanthropist, an inconspicuous millionaire-next-door, or a flashy big spender who lines the kitty litter box with hundreds, you need to amass some wealth first…so that’s where we have to start.
Do you have a plan to generate wealth? That’s number one – and most people don’t. But even if you do, are you consistently following it with discipline, or are you allowing shifting market conditions, and your changing personal finances to push you around?
Next, let’s make a leap and say you’re one of the lucky investors who has made it to the promised land.
You’ve won the game.
You’ve saved, invested, and made your nut, and now you’re looking to preserve your wealth rather than grow it.
What strategy is best for you? Likely it’s not what you think.
We tackle this topic in the next part in this series with the “Stay Rich Portfolio”.
Lastly, we conclude our three-part series with the final segment on how I put both parts of these portfolios, Get Rich and Stay Rich, into one cohesive portfolio with my own assets and investments – “How I Invest My Money”
I hope this helps. And as always, we’re here for our investors if you want to talk. But likely you don’t need to, because you prepared for this.
Stay safe and healthy everyone!