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Seeking advice from others is a natural human tendency, especially when it comes to something as complicated as finances. People search for financial advice among a variety of sources, including friends, family, coworkers, neighbors or of course—financial advisors. Sometimes the advice you receive from these sources can be valid, and other times it can steer you down the wrong path. When it comes down to it, the best financial advice comes from a source you know very well—yourself.
You might be wondering, “How can I give myself advice if I don’t even know the answers to my own questions?” There are a few questions you can ask yourself that will lead you in the right direction toward the advice you are looking for when it comes to investing. These questions come from a national survey given to participants within five years of retirement, who have just retired or who have retired in the last 10 years.
What is the number one fear you have financially?
In the survey, the number one answer nationwide was running out of money during retirement.
What is the number one thing your money provides for you?
In the survey, the number one answer nationwide was security.
Do your current investments match your answers to those questions?
The answer to this question will be different for everyone, but this is where it comes down to you giving yourself the best financial advice. If your current investments are protecting you from your number one fear financially and providing you the number one thing you expect from your money, then that’s great—you may not need to make any changes. However, let’s say the number one fear you have financially is running out of money, and you want your money to provide you security. If your current investments are not providing that for you, then you’re telling yourself that it’s time to make a change.
There is no one investment that is right for everyone; it really depends on what you are trying to accomplish with your money. That’s why the investment that’s right for your coworker or neighbor may not necessarily be the best one for you. You need to ask yourself what you are looking for when it comes to your money, and make sure your investments match up with those goals. If security and protection from running out of money are your goals, then there are investments that can provide that for you.
At Ty J. Young Inc., we help set our clients up with these types of investment vehicles—ones that can guarantee the protection of your principal while offering you a reasonable rate of return throughout your retirement years. Call us today at 877-912-1919 to learn more.