Empower is currently offering free financial consultations until October 31, 2024, for individuals with over $250,000 in investable assets. I recently had the opportunity to speak with them and embark on my investing journey. By completing two video calls before the deadline, you’ll also receive a complimentary $100 Visa gift card. There is absolutely no obligation to continue using their services after the consultation.
Embarking On My Investing Journey
My journey as a DIY investor traces back to 1995 when I opened an Ameritrade account with guidance from my father. I was introduced to the world of investing when my dad explained the cryptic ticker symbols in the local newspaper. With $500 in my online brokerage account, earned mostly through my job at McDonald’s, I delved into day trading, only to lose most of my funds within six months. Looking back, I wish I had sought advice from a financial advisor to navigate my investing path as my dad only provided a basic understanding of stocks without delving into the intricacies of investing.
Now as a parent myself, I realize the importance of seeking guidance from professionals as children often value the words of instructors more than their parents’. Despite brushing off my wife’s advice numerous times, I would eventually agree after hearing the same advice from an expert online!
The Emergence of a Stock Market Addict
My addiction to stock trading persisted even after several setbacks during my stint at Goldman Sachs and later at Credit Suisse. The intense environment and constant stimuli on the trading floor fueled my addiction further. But it wasn’t entirely my fault, as addiction experts attribute factors like volume, accessibility, novelty, and intensity to driving addictive behaviors. I was consumed by trading and eventually paid the price for it in my career.
One critical lesson I learned is that nobody is smarter than the market, and day trading without proper risk management is a recipe for disaster. Despite day trading millions of dollars annually, I barely made any substantial gains. This addiction ultimately hindered my career growth and led me to a pivotal point in my life.
Overcoming My Trading Addiction with Professional Guidance
In early 2013, when Empower was known as Personal Capital, I consulted with one of their financial professionals to seek a second opinion on my investment portfolio. The experience was transformative as it steered me away from my addiction to trading towards a more disciplined and strategic approach to investing. The financial advisor, Patrick, emphasized the importance of long-term investing, tax efficiency, and realistic asset allocation to achieve my financial goals.
Revealing My Blind Spots with Professional Insight
During the consultation, I realized a major blind spot in my asset allocation, with a significant portion invested in cash and tech stocks. With Patrick’s guidance, I understood the need for a diversified portfolio and a balanced approach to investing. I made significant changes to my allocation, which led to substantial growth in my investments over the years.
By addressing my blind spots and taking proactive steps towards a more diversified investment approach, I was able to achieve significant growth in my portfolio and secure a more stable financial future.
Determining Who Should Consult with a Financial Professional
Engaging with a financial professional can be immensely beneficial for individuals experiencing major life events, nearing retirement, facing complex financial situations, lacking time or expertise to manage their finances effectively, encountering financial challenges, planning for the future, or seeking a second opinion on their financial plan. Consulting with a financial professional can provide valuable insights and strategies to navigate various financial scenarios and achieve long-term financial goals.
Key Questions To Ask A Financial Professional
If you decide to seek a consultation with an Empower financial professional, consider asking questions that delve into your current investment profile, potential concerns, market dynamics, optimal asset allocation, tax strategies, real estate integration, growth projections, investment strategies, and the value proposition of their services. These questions can help gauge the expertise and suitability of the financial professional in aligning with your financial goals and objectives.
Ensuring You Have a Comprehensive Financial Plan
Developing a robust financial plan tailored to your individual needs and goals is crucial for long-term financial success. By consulting with a trusted financial advisor and adhering to a well-defined financial strategy, you can leverage opportunities, mitigate risks, and work towards achieving financial independence. If you have investable assets exceeding $250,000 and wish to schedule a free consultation with an Empower financial professional, seize the opportunity before October 31, 2024, to receive a $100 Visa gift card upon completion of two video calls. Remember, there is no obligation to proceed with their services after the consultation.
The information provided is in collaboration with Financial Samurai (“Promoter”) and Empower Advisory Group, LLC (“EAG”) under a written referral agreement. For more details, click here.
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