Whole Lot of Guessing Going On
I was in someone’s office yesterday and the business news was on the television. On the table there was a copy of the Wall Street Journal. Both media were filled with headlines like “What the Trump Presidency Means for Investors” and “Trump and the Fed.” I also noticed on my computer earlier in the day that there are numerous on-line articles of a similar type.
They all have one thing in common: the authors are guessing about the future. Again. They were guessing about what a Hilary White House would mean to the financial markets before the election and now they are guessing about a Trump Presidency means to the same financial markets. Always guessing. Always trying to predict the future. Always speculating. Always trying to get you to gamble with your money. Making you and everyone else just a little bit fearful about the future.
Here is one thing I know for sure: no one, not even the President-elect, knows what will happen to the financial markets and your investments in the future because the future is un-knowable. So don’t be suckered into thinking you need to buy, or sell, or do anything other than what you’ve been doing with your personal finances. Follows the SmartMoney™ Rules and stick with them.
- Have an abundant mindset
- Protect yourself
- Have goals tied to your values
- Use cash flow and debt smartly
- Know how much is enough for retirement
- Invest wisely
- Review and rebalance regularly (but not too much)
And maybe I should add one more SmartMoney™ Rule: ignore the media.