In speaking with a prospective client yesterday, he told me he’s been in Richard C. Young’s Maximizers portfolio for years. He said he uses an advisor but told him, “Here’s what I want to own, can you do it for me?” And he did.
Fast forward—after making a big contribution to the account this year, his “guy” wants to put the money in some hedge fund deal. My new client said, “Don’t do a thing.”
The “guy” was chasing money–chasing money with other people’s money. What’s there to lose, right? In times like these, you need to protect your assets like they’re the last ones you’ll ever own.
This market is fraught with danger as momentum stocks carry the day. It won’t last forever. Nothing does.
Action Line: Let the boys and girls have fun with Robinhood. I’ve never met anyone who can afford to lose money. Losing money isn’t a game. No one likes losing. Take inventory of what you own TODAY and make sure you’re not playing a loser’s game.
Originally posted on Your Survival Guy.