by Stacy Francis, CFP®, CDFA
With Sex and the City: The Movie hitting cinemas and everyone dying to see Carrie in her wedding dress, I became aware of yet another reason I love financial planning. Ready?
One of the greatest things with investing is that it’s nothing like love: there’s no need to choose just one. Marrying a security and holding on to it no matter what is mulish at best, disastrous at worst. The world changes constantly, and as a consequence, so do market outlooks, as well as future and current situations for industries and specific companies. Playing the field isn’t only accepted but advisable, and the savvy investor can – if she loses the reason she started the love affair -- dump stock or a fund in an instant without a trace of regret. And why shouldn’t she? There are no joint assets, or children, or houses to fight over. It’s not personal – it’s just business. Still, few people lose money faster than the “investment sluts”, who change their portfolios daily depending on their mood; dropping stocks they no longer love in down markets and desperately chasing the ones admired by others.
So while most of us spend at least our younger years looking for that one person that makes our lives complete, with securities, feel free to gather yourself a whole harem. As long as you love them all and you have good reasons for bringing them into your life, having several isn’t only socially acceptable – most experts recommend it.