MYTH 11: “My brother-in-law told me about this one ... it’s a no-brainer!!!” A myth that has the potential to destroy more wealth than any other on this list – even more so at a time when so many investors are piling on to meme stocks, cryptocurrencies and anything even remotely connected with AI. It seems as if many investors believe that the way to wealth is by following hot stocks, putting money into hyped-up ideas and getting in on the “next big thing” before the rest of the investment world catches on. No doubt some people will make big money doing just that. But markets are dynamic, and prices move quickly and unpredictably – that goes double for stocks which exist in a bubble of excitement and get-rich-quick energy. And anyone who puts their money into a “sure thing,” a “no-brainer” or a “can’t lose” type of investment without taking a reasoned, rational look at a company’s current financials and future prospects is a gambler, not an investor. Remember, the goal of investing isn’t necessarily to make the most money possible. Rather, it’s to make the most money possible while taking on the least amount of risk. It’s that last part that gets overlooked when the market is making all-time highs. Instead of betting big on what’s hot, focus on building a portfolio of well-established companies with proven track records and reliable dividend payouts. No, you won’t be able to brag so much to your brother-in-law about how you made easy money. But as a strategy for becoming wealthy, it’s a lot more reliable. Finance don't let our name fool you - we deliver to all States and Canada! DRIVEAWAY SERVICE Please contact us for your vehicle delivery needs. 1-888-653-5674 www.carstoflorida.com Reasonably priced custom car delivery made easy. We Drive and You Fly Driveaway is the driven delivery of your vehicle to your address or airport of landing. Cars To Florida has been reliably handling Snowbird delivery since 2007. MYTH 12: “I got this ...” Maybe you’re an expert-level sophisticated investor. Or a veteran businessperson. A skilled accountant or tax lawyer. Or maybe you really enjoy digging into annual reports, reading 10-K forms and tuning in to stock analyst programs and podcasts. If you’re any of those things, then yes, you probably have the skill, the knowledge and the aptitude needed to handle your portfolio and personal finances on your own. If you’re more of a passive or part-time investor – someone who’d rather spend your time travelling, working on your golf game, being with family or doing any number of other things than ruminating over your latest portfolio statement – then seeking out some professional advice might be one of the simplest things that you can do to build wealth. Whether you live on a modest pension or your net worth is seven figures or more, the clarity, discipline and strategic thinking that a professional financial planner or wealth advisor can bring to your finances is often well worth the fees which they charge. To say nothing of their ability to steer you clear of the myths, misperceptions and wrong-headed thinking that may be costing you a good deal more than you realize – both in money and in stress. CSANews | WINTER 2025 | 33
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