how to invest like a boss: what to know about goal-based investing
Post on 20-Sep-2014
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Favorite tips shared by Dr. Daniel Crosby and others in our weekly #CreditChat. Join us every Wednesday at 3 p.m. ET.TRANSCRIPT
INVEST LIKE A BOSS What to Know About Goal-Based Investing
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Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked with Dr. Daniel Crosby @incblot!“
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FEATURINGDr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. His clients include Brinker Capital, Morgan Stanley, RS Funds, Grant Thornton and NASA. Follow @incblot
@incblot
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Excluding their primary home value, most Americans have less than $25,000 in retirement savings.
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What are reasons why many people aren’t investing?
Investing certainly qualifies as ambiguous,
Tweet by @incblot so people tend to stay away for fear of a bad or uncertain outcome.
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Millennials like myself aren’t aware of investing options.Tweet by @GO_JuanitaR
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Tweet by @katiebissell
Investing in a work 401(k) seems like a no brainer,but it’s harder to take the next step to other types of investments.
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How can we motivate ourselves andothers to invest more for the future?
Tweet by @incblot
We need to think of saving/investing as a future benefit rather than a current loss.
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Tweet by @incblot
First, you have to realize that you have a future self.You won’t always be the young, healthy, working person you are today.
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Tweet by @GoBankingRates
Find your trust channels (writers, experts, friends or family), learn and don’t be afraid.
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Tweet by @LeslieHTayneEsq
Instead of worrying about the risk, acknowledge the positive gains that can come with investing.
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Tweet by @incblot
This “future self” can be hard to visualize, but they have all the same wants that “today” you has.
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Tweet by @FinEdChatSet retirement goals to plan for living life to the fullest ...
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Tweet by @incblot
Realize the time value of money - spending $1,000 todaymeans robbing yourself of many thousands later.
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What is goal-based investing?
Tweet by @incblot
Goal-based investing is tying investment behavior to deeply-heldpersonal goals. Not rocket science, but seldom done!
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Tweet by @mariobonifacio
Goal-based investing puts a name and face on the otherwisesoulless numbers of investing.
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Tweet by @LeslieHTayneEsq
Goal-based planning gives you an incentive to investsuch as paying for a child’s college, retirement, etc.
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Tweet by @incblot
Goal-based investors have been shown to save a great deal more andare much better at staying the course in a choppy market.
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Do you have advice for newbiesjust getting started with investing?
Tweet by @incblot In every market, you control what matters most (your behavior)
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Tweet by @incblot
Look for these three things: Price (low P/E, cheap stocks), Profit (quality co. w/ good margins) and Pitfalls (e.g. debt).
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INVESTING TIPS
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Do you have any favorite tools orresources to help you with investing?
Tweet by @incblot
Pick an advisor who is knowledgeable, has reasonable fees, and is a good behavioral coach who you can trust.
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What do you wish you knew aboutinvesting earlier in life?
Tweet by @incblot
It is just about impossible to reach financial goals without investing.We all have to get savvy.
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Tweet by @incblot
Investing can be socially responsible and can reflect what matters most to you
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Tweet by @incblot
The biggest thing I’ve learned is that investing is simple, but not easy.Rules are straight forward - just hard not to panic.
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Tweet by @incblot
The biggest thing I’ve learned is that investing is simple, but not easy.Rules are straight forward - just hard not to panic.
INVESTING
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Is it ever too late to invest? Do you haveadvice for those nearing retirement?
Tweet by @incblot
It’s never too late to invest, but you need to adjust your approach as you age.
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Tweet by @incblot
If people would start early and be more aggressive,retirement would be a “no-doubter” ...
INVESTING TIPS
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Tweet by @GOBankingRates
Closer to retirement - it’s all about strategy. It’s never too late. INVESTING TIPS
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Any final tips for those who want tomake smart investments?
Tweet by @incblot
Realize the decisions you make to act or not act are at leastas important as decisions surrounding which stocks to choose.
INVESTING TIPS
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Tweet by @incblot
Buy inexpensive, highly profitable companies with low debt loadand sit on them for longer than you’d like.
INVESTING TIPS
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Tweet by @incblot
Learn to cultivate a contrarian mind. Learn to savor the panic/fear, realizing that it’s a fantastic time for making money.
INVESTING TIPS
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Tweet by @GO_JuanitaR
Millennials, don’t be intimidated of what you can dowith your money! Trust yourself!
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