Thinking Like A Business Owner
One of the things I am constantly reminding my clients of is that we are business owners. And literally - that's true.
As soon as you get involved in investment portfolio you become a business owner. You don't just own a product that you hope is going to work out well for you; you have pieces of some of the best businesses in the world. And so, we are business owners, and we need to think like business owners; because business owners tend to think a little differently.
Look at your community, and some of the business owners you might know. Things get bad and the economy turns ugly from time to time. When they do, most business owners don't sell their businesses at low prices, wait for the economy to get better and then go back and buy it at a far higher price. That's a terrible way to lose a huge amount of money. What they tent to do is ride it out and hold on. And if they have extra money they may buy up some of their competitors, if that's an option.
So, in our investment portfolios we need to do the same thing; we need to think like the business owners that we are. When the markets go side ways and things look crazy around us we don't sell at low prices and wait for everything around us to get better so we can go back and buy it at a higher price. This is a terrible way to invest, and a great way to lose a huge amount of money.
If we have the option, we want to buy while everyone else is selling at wonderfully low prices. If we think like business owners then we have the potential to grow and prosper like business owners.
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This article is for educational purposes only and is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. Opinions expressed are those of the owners and writers only. Every effort has been made to compile this material from reliable sources, however, no warranty can be made as to its accuracy or completeness. It may also include forward looking statements concerning anticipated results, circumstances, and expectations regarding future events. Forward-looking statements require assumptions to be made and are, therefore, subject to inherent risks and uncertainties. There is significant risk that predictions and other forward looking statements will not prove to be accurate. Please consult an appropriate professional regarding your particular circumstances. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or the fund facts before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual Funds and Segregated Funds provided by the Fund Companies are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. Other Products and Services are offered through Rhys Martell/Well-Built Plans Financial.