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I'm surprised and disappointed by your position on Carl's story. He made mistakes and they involved money even though he is a professional. Admitting errors and using your own story to help others avoid similar mistakes is an admirable, and rare, quality. Planners who have made financial mistakes are likely to have empathy, as opposed to judgement, for prospective clients who have made mistakes themselves. I admire Carl for sharing his own mistakes. We all make them but we should be thankful for those who admit their own imperfection. There are no perfect planners, advisors, or DIY investors. Personally, and professionally, I highly recommend working with people who recognize and accept their humanity.
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Good Morning Kent, I discovered your blog from your guest post at Get Rich Slowly. I'm looking forward to your book, which evidently espouses a philosophy similar to mine. My book addresses investor fears at the investor level. No product or service will help an investor overcome their fears. They must look within, at their own values and meaning. If you'd like a complimentary copy, I would love to get your thoughts (although as a writer, I know your time is pressed with your own writing). It's available in paperback, kindle, and nook. Let me know your preferred format and I'll get one to you! Best, Paul Puckett
Tim, thanks for the clarification. With the recent Prudential survey indicating 44% of Americans plan to avoid the stock market, I'm concerned people will not realize the importance of investing in the markets (granted, I do not recommend trading individual stocks and prefer mutual funds or exchange traded funds for most investors). When I was a trust officer and private banker, I never had a high net worth client who bought into the fears created by the Great Depression. Their parents, and they, invested for the long term and benefited as a result. Stocks are long term (10+ years) but it's hard not to measure them, and react, on a short term basis. That is why I agree with your observation, "that it’s easier to lose money in the market than it is to make it?". It isn't the market, it's the investors ability to control their reaction to volatile markets and down markets.
Toggle Commented Jun 24, 2011 on Bad Advice for Younger Generations at
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Jun 24, 2011