Action Alerts Plus will increase your investing success and transform your portfolio from mediocre to exciting. It often makes me 20% on every investment I make as long as I am patient. To learn more about it, click here. Tim is the author of elementary-finance.com, a financial blog providing beginning investment and finance advice to those who have a desire to learn the basics of investing and finance.
All of the great psychologists of the our world would send us to people like Freud for the answer to the question, do we need an investment manager. The fact is that most of us have that ego that psychologists speak of. In our quest for affirmation of worth, we want to think that we’re good at everything. How’s that for psychological theory?
If that’s true, (on Wall Street there is no absence of ego) it may be time to admit that we can’t do it ourselves. Just like we can’t take out our own appendix, fix our own car, or build our own circuit boards in to a computer, we probably need help with our investment so maybe it’s time to put our egos aside and admit that an investment manager would be good for us.
Let’s be clear, though. I don’t believe that we need to hand our money over to some Wall Street insider although you may consider it. If you have a retirement account through your employer and have mutual funds, there is an 80% chance that the person managing your money isn’t doing any better than what the broader market is doing. In other words, if the market is up 3%, that is about all that your retirement is up. Keep in mind that a certificate of deposit could do that good so don’t be too impressed.
If we need to drop our ego and get an investment manager, what is it that I’m talking about? The great news is that there are some services out there that allow you to do all of your own buy and selling buy get the advice of somebody who has proven success as an investor.
One of those services is Action Alerts Plus where an expert like best selling author and CNBC commentator Jim Cramer is doing your research for you and all you have to do is buy and sell when he tells you to execute the trade. My secret is that I don’t have enough time to do all of my research so I let Action Alert Plus do it for me.
Here’s how it works. You will receive e-mails throughout the day that will say something like, “After you receive this alert, I’m going to buy 100 shares of (some stock). The reason I like it is (insert facts here)” If it is one of the stocks that you like and need for your fund, you would trade with him whenever he buys and sells.
You may have started investing because you wanted to save money for your child’s college, finance a vacation, or some other expense that is important to you and your family’s life only to find that the riches others claim to make weren’t coming to you. That’s when you know that you need help. There’s no shame in asking for help. There is only shame in losing money. Nobody will know how you made your money and you won’t care when you aren’t the family applying for student loans when your child goes to college.
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