Family Feud is an American television game show created by Mark Goodson where two families compete to name the most popular responses to survey questions in order to win cash and prizes.
Tannery Company Wealth Management’s version of Family Feud
The most popular question that has been in my inbox, my telephone conversations and in nearly every conversation that I have had since November 8, 2016 is…
“The Question” – What should you do financially in the wake of the election?
BZZZZZZZZZZZZZZZZ –
The number one answer is…Nothing!
That may come as a surprise to you, yet when you are distracted by noise is when you are most likely to make emotional changes to your financial life. Emotional changes and gut reactions based on those emotions are the worst time to implement a change.
These gut feelings were written about by Michael Lewis in his 2003 classic, Moneyball- The Art of Winning an Unfair Game. The book told the story of how Billy Beane, the struggling General Manager of the Oakland A’s, used data and statistics instead of gut feelings and the subjective expertise of professional baseball scouts, to build a championship franchise. Gut feelings, Lewis showed were often the product of hidden biases.
Our answer is to be aware of the news yet to stick with your financial plan and have an investment process. I believe that “Buy, Hold, and Hope” might make a nice book title, but is not an investment process.
It goes without saying that your financial plan should be reviewed on a periodic basis, at least annually and adjusted when appropriate.
If you don’t have a financial plan, then you have a choice of either beginning to formulate a plan around goals or just wonder in 10 years what the hell happened.
My answer to this week’s most popular question
Do what you do every day. Become a Financial Olympian™. Go to work. Feed, clothe, shelter, save and educate your family. Retire when the time comes, and enjoy yourself.
Enjoy a beautiful Fall weekend. Turn off the noise and go outside
