Day after day, week after week, and year after year, you work hard to make a decent living for yourself and your loved ones. You put in countless hours in order to accumulate the level of wealth that can open doors for you to have a meaningful life. Then, one evening you turn on the TV and hear some financial pundit talking about a simple strategy that will essentially lead to you striking it rich overnight. It’s tempting to listen to what the guy has to say, isn’t it? I mean, wouldn’t it be nice if you didn’t have to work so hard just to move forward a few inches at a time?
If you haven’t heard this simple piece of advice before, you must have spent your entire life in a cave: “If it sounds too good to be true, it probably is.” But, how can that be? The guy talking about his strategy really did get rich. If he has the wealth to prove it, doesn’t that mean he must be onto something? Well, here’s the thing: every once in a while, somebody somewhere is going to beat the market. It’s just a matter of time. By the sheer law of probability, someone is going to get lucky with the right combination of investments at some point in his life. That doesn’t mean, however, that it can happen again. And, more importantly, that doesn’t mean that you can repeat their success by listening to what they have to say.
Would you listen to a lottery winner who told you they knew the best place to buy the winning tickets? Probably not. Then, don’t get fooled into listening to self-proclaimed financial gurus who just happened to get lucky. Sure, you could be the next person to be just as lucky. But that isn’t going to be any more likely to happen by taking the advice of pundits. You can’t plan your way into getting lucky. It either happens or it doesn’t, so there’s no point in wasting time thinking about it. In all aspects of life, but especially when it comes to investing, luck is not a strategy.
The truth is that these financial hucksters are trying to prey on your weakness and vulnerabilities. They’re no different than people who tell you-you can lose weight and get fit just by taking a pill. It’s not going to happen. At the end of the day, it’s going to boil down to hard work and discipline if you really want to get into shape. But, we don’t like to hear that, do we? We prefer to believe that there’s an easier way to get the life we want. The sooner we face the truth, though, the better off we will be. The formula for success is the same as it has always been: effort, consistency, and time. That’s what it really takes to get the life you want.
It’s the same in the world of investing: if you want to get your financial life into shape, there is no quick fix. You’ve got to be disciplined and allow your portfolio enough time to generate the wealth that patience brings. If you need help sorting through all the seductive, bad advice to find a strategy that makes sense, feel free to reach out to us for a complimentary consultation. We want to help you build wealth the right way—the one that actually works, and not the one that just makes you feel better!