The other day I heard an expression, "Down on it, without being up on it." Immediately, the words resonated with me. How many of us have formed opinions about something with scanty little if any information and come to the conclusion that it is no good?
Sitting back and thinking about this, it does not come as a surprise. Everyday life is filled with any number of things we must do. There are basic chores like shopping for food, preparing our meals, taking care of our homes, bringing our kids to school, bringing our kids to games and practices for the sports they participate in, paying bills, reconciling our checkbooks, etc., etc. And this does not take into consideration the jobs we work, providing us the money to take care of lots of those chores.
No wonder many of us make quick judgment calls based on little information and evidence. We, consciously or subconsciously feel pressured for time. Consequently, we feel safest action for us a lot of the time, is adopting a posture of negation. We become opportunity deniers rather than opportunity embracers.
While this attitude/action set is understandable, I believe it is less than preferable. Personal growth, and consequently the growth of our wealth, is predicated on evolution. Our personal evolution is based on gaining information, learning and applying that information. Then it is up to us to bridge the gap between knowing and doing.
When it comes to investments and financial strategies, one of the most challenging things, I feel, is for clients and prospective clients to free themselves from preconceived notions that might be based on very little information. Or, at times folks will have some good information but economic conditions might be such that the information is no longer contextually relevant.
It is up to each person to determine their own path to wealth accumulation, protection and growth. It stands to reason that the best way to do this is to become informed consumers and work with a financial professional we trust. If we do not, we might fall prey to past prejudices, as well as fragmented pieces of information applied in haphazard fashion.
It is perfectly reasonable to be down on something we have extensive knowledge about and come to a particular, well thought out conclusion. However, to be down on something because we once heard something or once read a single article, or some such, can often leave us shortchanged when it comes to our plans and our dreams.
To build and protect wealth, we must both know and do. Learn, speak with a qualified professional whom you trust. Then take appropriate action.
Scott McGimpsey June 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