Shiny Object Syndrome - Start with a plan, start with Why.
Crypto, TSLA, Real Estate… Ask five of your closest friends what you should invest in, and you’ll get five different answers with five different reasons. Even if one of the investments suggested to you produces an attractive return, it still might not be right for you.
We often get caught up in the shiny object of today. If you watch TV, surf the web, or read the news you know there are new investments or shiny objects to invest in each and every day; sometimes the “hot right now” investment mentioned on CNBC directly conflicts with the Financial Times article you read just 2 minutes ago. Proceed with caution and start with “why”.
Every investment should be solving for something – more passive income, tax savings, funding a major purchase, legacy goals… If you don’t know what you’re solving for, you may be solving for the wrong thing. Building a financial plan before investing is key to ensuring your investing in the right things for the right reasons. When a new investment idea comes your way, take some time to reflect on where it fits within your portfolio, what is it solving for and “why.”
At Freedom Family Office, we believe entrepreneurs and affluent families have unique opportunities to solve unique problems. We specialize in creative and out of the box thinking, strategic investing and tax savings solutions... but we always start by building a financial plan – we always start with “why”. To learn more, contact Jenna@FreedomFamilyOffice.com.