Dear friends,
You may have heard of the phrase" Buy term invest the rest".This catchy phrase may work to your disadvantage because of lack of skill, experience and time to monitor your assets.
Many people tend to overestimate their ability in investment. So we often hear horror stories in huge losses in options, futures, forex, stocks, Reits,margin products, unit trust, property investment, gold investment etc.
In fact, everyday we hear people,gurus, newspaper bash up how bad other products are based on hear say from their friends so they condemn the use of that asset class. How sad it is as we see the financial practitioner being blamed at times even though they are not at fault.
Many thought that with the use of internet there is a quick way to make money fast just like in binary options. Sounds too good to be true probably means its not real. Others thought they can self diagnose themselves for their protection and investment needs when they clearly are not in the financial or insurance line. Even doctors will seek a second opinion from specialist, how about you?
Unfortunately in this fast paced world where there is information overload, they fail to understand that just by attending seminars, paying for courses will not make them an expert. If it have been so easy, we should have not One Warren Buffet but millions of them as there are so many courses teaching value investing. Pls note attending course is good but you should still see a professional to help you see your blind spot.
Hence, to avoid analysis paralysis, it's wise to consult someone who is in the industry long enough to help you review your portfolio. As such, I like to work with people who understand this and appreciate the help of another professional as they transit from a rat race to a wealth accumulation and retirement phase.
Cheers and Happy Chinese New Year to all my readers.
Eric
