September Links: Making Smarter Financial Decisions

Posted by John Charles Kernodle on September 01, 2014  /   Posted in Monthly Links

I know how hard it can be to tune out the news completely. After a few of you asked what you should be reading, I’ve decided to pull together a few links once a month that I believe you’ll find helpful. The links will come from many places, and a few may even come from other wealth advisors sharing great advice. However, each story will share the common goal of focusing on ways to make smarter financial decisions. My hope is to cut through the noise and deliver information that helps you stick with your plan.

Rational Exuberance
“…there is no system that produces reliably-better results than just sticking with your plan and rebalancing regularly through the ups and downs.”

Charlie Munger’s Investing Principles
“…you have to adapt your strategy to your own nature and your own talents. I don’t think there’s a one-size-fits-all investment strategy that I can give you.'”

“Gambling on sports may be more fun, but it’s definitely a more risky use of money than putting it in the stock market. In the long run, investors have the chance to make more money because there are fewer downside risks. To put it another way, the stock market is a lot more forgiving than the MGM Grand (let alone your local sports bookie).”

You Are the Problem
“Here’s the truth: The last five years will probably be the best five-year period you’ll ever experience as an investor. The last decade has been average. If you’ve struggled through this period, or keep telling yourself that buy and hold doesn’t work, or that the market is a scam, it’s your own fault. Stocks have done over the last decade what stocks have done for countless decades: offered a pretty decent return with lots of volatility mixed in the middle.”

Financial Planning and Hiking on the Half Dome

“The truth is much more prosaic. Retirement planning—indeed, all financial planning—is very tough and is difficult at every level. It takes significant personal sacrifice and being psychologically strong when our emotions are screaming at us to do otherwise. Thinking about a future that is years or even decades away is exceedingly challenging for most of us, for whom lunch is a long-range plan. But good retirement planning isn’t ‘perfectly inaccessible.'”


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