Wealth Column: Going for financial gold
Financial advisers Bruce Helmer and Peg Webb, Wealth Enhancement Group, look at financial strategies to reach retirement goals.
It’s hard to believe it has been five years since the last summer Olympics, and we’ve had an extra year to break out some of our best sports analogies. With that said, what do you have to do to achieve gold?
However, we recognize almost none of our readers are Olympic athletes. But that doesn’t mean we can’t take some lessons from the different athletes who do compete at the highest level.
Gymnastics, swimming and track: diversify
Most people probably don’t recall Michael Phelps taking the silver or Simone Biles taking the bronze in 2016. Why? They won a boatload of gold medals to go along with them.
Distance events: pace yourself
When you were a kid, did you ever watch a marathon and wonder, why aren’t they going faster? Of course, now the answer is obvious. If you try to sprint your way through a long-distance race, you’ll be out of gas one minute into it.
Basketball: know your squad
When you work with a financial adviser, you are working with a team of people who are professionals in their various fields. Your adviser will generally be the “face” of your investment strategy, but knowing who the planners, tax experts etc. to whom he will be passing the ball can give you the context to help you understand how your finances are being handled.
Equestrian events: get back in the saddle
When you ride horses competitively, falling comes with the territory. Equestrian competitors even wear emergency vests to help prevent severe injury. At some point in your financial journey, bad things are going to happen. An investment won’t go the way you hoped, you’ll have a costly health event, or you’ll experience job loss.
See you at the closing ceremonies!
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
All investing involves risk including loss of principal. No strategy ensures success or protects against loss.
Bruce Helmer and Peg Webb are financial advisers at Wealth Enhancement Group and co-hosts of “Your Money” on News Radio 830 WCCO on Sunday mornings. Email Bruce and Peg at email@example.com. Securities offered through LPL Financial, Member FINRA/SIPC. Advisory services offered through Wealth Enhancement Advisory Services, LLC, a registered investment adviser. Wealth Enhancement Group and Wealth Enhancement Advisory Services are separate entities from LPL.