Things to remember: 1) The worth of character; 2) The improvement of talent; 3) The influence of example; 4) The joy of origination; 5) The dignity of simplicity; 6) The success of perseverance.
- Marshall Field
The other day I was doing some reading and I came across a quote by Marshall Field. Mr. Field was the founder of Marshall Field’s which was originally opened, under a different name, in 1852 in Chicago. As of 2005 – one hundred fifty-three years later – Marshall Field’s was acquired by Macy’s Inc.
I like to read about successful business people, particularly those who have made enduring contributions to society. The quote above, which is attributed to Marshall Field, was something that I wanted to share with my readers. I think it has lots of good applications in lots of areas of our lives.
I won’t go into all six things that Mr. Field mentioned, at least not today. Perhaps I will at a later date. What I will focus on is the fifth concept in his quote, “The dignity of simplicity.” I believe that the dignity of simplicity has great application when it comes to investing.
We are confronted today with seemingly endless choices. I can still remember when I was a kid and it seemed like there were three or four soft drinks to choose from. Today, when you walk into a grocery store, it seems like there is endless choice when it comes to beverages. And this appears to extend to all areas of what we consume.
The marketplace for financial products is no different. We are confronted and often overwhelmed by a seemingly endless array of offerings. How do we make informed choices? How do we act responsibly and intelligently? Simply put, what do we do?
And here is where Mr. Field helps us. We must, I believe, apply the concept of the dignity of simplicity.
Either alone or with a good financial advisor, apply time honored principles to the construction of your portfolio. Keep things simple. Clearly define your goals. Define the appropriate asset classes to be included in the beautiful financial mosaic you are building. Diversify among asset classes and within asset classes. Do not invest in things you have no understanding of. Forgo the idea of “get rich quick” and, instead, embrace the concept of building wealth over time.
Keep things simple. By doing this, you will be able to focus your energies on taking action. Thinking about wealth building, thinking about taking action, is just that, thinking. If we are to create something good, something that will pass the test of time, we have to make a plan that we are actually willing to act upon. Here is where the concept of the dignity of simplicity will be of great help.
Become informed about your investment choices. If you so choose, work with a good financial advisor. Make sure, if you work with someone, that they educate you about whatever plan it is that you may embark upon. Keep things simple! Then, take action!
Scott McGimpsey August 16th, 2016
This material was prepared by Scott McGimpsey and does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources, however, we make no representation as to its completeness or accuracy. Neither Summit Brokerage Services Inc. nor Scott McGimpsey is engaged in rendering legal, accounting, or other professionally services. If such assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any federal, state, or municipal tax penalty. Moreover, a diversified portfolio does not assure a profit or assure protection against loss in a declining market. UNIFIED PLANNING GROUP is an independent firm with securities offered through Summit Brokerage Services Inc., Member FINRA, SIPC