Five years ago, I met a CFO of a non-profit, married to a real estate investor. We were all new to the Valley and met coincidentally, at which time we exchanged bios. When I explained that Geer Financial works with suitable clients who are coachable, he literally pushed back from the table, laughed out loud, slapped me on the back and said, “Well, that leaves me out!” “One thing I’m not is coachable!”
Same Guy – True Story “I’m not paying anyone a fee to do what I can do better myself. I get a monthly newsletter from a guy who has been crushing it in the market and buy the hot stocks he recommends.” “I also converted a Florida ocean front property into a VRBO.” In a few years when we retire, we’ll be sitting pretty.
Fast forward to the first Saturday in July 2020. I bumped into the same couple at The Patio Grill. I have no idea why, but he was eager to talk and the first thing he said was, “I’m out of the market and getting out of real estate.” “I’m in cash.” Out of curiosity I said, “tell me more.”
He was quick to say that he seized the opportunity to buy airline stock, cruise line stock and VRBO stock earlier this year when prices were falling due to Covid. “My guy said they were a buy and I figured I would make a killing on the uptick.” “At this rate, I’ll have nothing left to coach.”
He didn’t make a killing. He got killed! When he lost 90%, he bailed and went to cash. The $1,000,000 ocean front property? “It’s up for sale.” “Covid killed our sales so we’re dumping it.”
Four years shy of 70, he gambled with their money and lost. Why?
- He refused to get intellectually engaged and learn.
- He thought he was smart enough and knew more than those who tried to “sell” him.
- Coaching was “beneath him.”
- He was driven by the classics – fear and greed.
- When he needed it most, he refused to ask for help.
The bi-monthly webinars are designed to support you throughout the year. You may be tempted to modify or change your strategy if you don’t stay alert to a strategy rooted in economic science. Make them a priority. Listen to Learn and if you need help – just ask.
Randall E. Davey, CAP® is a financial advisor with Guide Advisors, Inc. In certain circumstances, he may offer insurance as a sole proprietor or through Guide Advisors, Inc. Randall can be reached at firstname.lastname@example.org or by phone at 206-486-2477.
Advisory services are offered through Guide Advisors, Inc., a Registered Investment Advisor in Washington, and other jurisdictions in which it may conduct business. The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the states listed above or where otherwise legally permitted. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed.
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