Money Mindset by Jacob Gold

Author:Jacob Gold
Language: eng
Format: mobi, azw3, epub
ISBN: 9781119136064
Publisher: Wiley
Published: 2015-10-15T00:00:00+00:00

What’s Ahead?

In the next chapter, we’ll discuss taxes and insurance. It’s important for each of us to know the tax system, how we are each affected, and what we are obligated to pay. Insurance protects a person or entity from extreme financial loss or responsibility due to an unfortunate emergency, accident, or negative unforeseen event.

KEY INSIGHTS FROM THIS CHAPTER

It is crucial to have the proper asset allocation for your investment portfolio. Stocks and bonds should be the core of your investment portfolio.

Asset allocation of a portfolio is the primary determinant of the portfolio’s return. Security selection and market timing play only minor roles in total performance.

If you really take the time to understand the risk tolerance questionnaire and you appropriately allocate your portfolio holdings based on how you answer the questions, then you are not emotionally susceptible to the gyrations of the markets on a day-to-day basis.

Rebalancing is really a forced way to incorporate the “buy low, sell high” mantra.

The higher the volatility, the riskier the investment.

It is easy to make money during a bull market—a rising tide lifts all boats. The art of wealth management is attempting to minimize losses in the down years.

Dollar cost averaging and systematic withdrawal programs are good strategies.

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