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Salesmen, Emotions and Mistakes

Tuesday, May 22nd, 2018

 

 

Lately it’s been more challenging out there, especially for older folks alone. Sometimes they get talked into buying products they can’t afford.

Just recently one of our clients was so pressured by an intimidating salesman, she signed up for a water purification system she couldn’t afford. He even told her he would get fired if she didn’t buy it. It did turn out ok for her though, in the end. They can’t touch her retirement account or her home, so she is lucky.

Another client had a salesman in her home to learn about stairway chair-lifts and he was so overbearing he insisted on her giving him her brokerage statement! He told her how she was invested incorrectly and picked up the phone and called me! When she realized he had called me she got on the phone and told me what was going on. I told her not to sign anything and call me later. Fortunately, she is fine, didn’t buy it, and he is now fired.

These two instances were very close calls. One would have had to pay $8,000 and the other $13,000. I am not saying the products were bad or not worth the price, but these clients weren’t in a position to pay for them.

But both women felt intimidated, stressed, even frightened by these aggressive men.

I know our clients can make good, solid decisions. But, if you are alone and think you may feel at all vulnerable if someone is trying to hard-sell you something, have a plan ahead of time.

  • Tell a close friend or family member about the appointment. Better yet, have a trusted person with you
  • Sit by your phone ready to call if you feel intimidated, and tell your contact ahead of time a prearranged word or phrase to come over, such as “Can I afford this?”
  • If you do feel like you got pressured into buying something you shouldn’t have, under Florida law you have 3 days to cancel the purchase. For those of you in other states, check your state’s laws.
  • Call your financial advisor or planner before the appointment to discuss what a reasonable, affordable purchase for you would be, especially if you’re not sure. Then, if the product is over that amount, be firm with your decision that you will not buy it.
  • If you have already made a mistake and want to find out if anything can be done now, we can see if any of our resources can help, but if not, don’t berate yourself, just know you’ve learned from the experience.
  • If you have a friend or relative who may be vulnerable in this way, sit down with him or her and come up with a plan if a desired in-home purchase appointment is coming up.
  • Not all companies have unethical salespeople. I know there are many great people out there. Just please be careful.

 

Sometimes we don’t realize how much an aggressive salesman or woman can coerce us into making an emotional, disastrous decision. Preparing for an appointment with a salesperson includes checking ourselves for our own steadfastness in protecting ourselves, even if that means reaching out for help.

Posted in Articles, Blog Posts, Newsletters

January 2018 Newsletter

Thursday, January 18th, 2018
We are always filled with optimism at the start of a brand new year, even though how the year unfolds is a complete mystery! But much of it is in our control, isn’t it?
We can’t control sudden changes in our lives: illnesses, accidents, and other unexpected life events, but we can do what we can to be prepared. That’s why we buy insurance, make a retirement and estate plan, further our education, apprise ourselves of national and world events, learn how to be healthier, lessen stress and take care of our families.
We can’t control the markets, but we can be prepared for whatever moves they take. Last year was a great year for investments. Most people made a good return. We haven’t had a bear market, or correction, in quite a while. It will come, we just don’t know when.
Therefore, it’s a perfect time to re-evaluate your objective. If you are someone who is planning on retiring in the next 5 years or so, you may want to change your allocation of investments, lessening your exposure to stocks, and placing more into fixed income, or bonds in your portfolio. If you are already retired, chances are you have the proper allocation to weather any bear market. Keep in mind, the average down market lasts 6 to 18 months, and the average bull, or up market, lasts several years. But there are no guarantees. the only thing we are sure of is change!
Let us know if you want an evaluation of your current portfolio to see if it is meeting your goals, your comfort or risk  level, and readiness for whatever may come!
May this be a great year for each and every one of you.
To your Financial Wellbeing,
Kasey Claytor,  Aaron Wade  & Dawn Lopez
Bitcoin? To buy or not?

Bitcoin is in the news everywhere you turn! How much it has risen, how you are missing out if you aren’t in this new investment! We want to give you real information on this before you jump into a volatile currency. If you are tempted by all the hype, read this first. 

Posted in Articles, Blog Posts, Newsletters

The 10 Investment Related Resolutions

Thursday, August 4th, 2011

1. I will not confuse entertainment with advice. I will acknowledge that the financial media is in the entertainment business and their message can compromise my long-term focus and discipline, leading me to make poor investment decisions.

2. I will stop searching for tomorrow’s star money manager, as there are no gurus. Capitalism will be my guru because with capitalism there is a positive expected return on capital, and it is there for the taking. And for me to succeed, someone else doesn’t have to fail.

3. I will not invest based on a forecast—whether it is mine or anyone else’s. I will recognize that the urge to form an opinion will never go away, but I won’t act on it because no one can repeatedly predict the future. It is, by definition, uncertain.

4. I will keep a long-term perspective and appropriately consider my investment horizon (i.e., how long my portfolio is to be invested) when determining my performance horizon (i.e., the time frame I use to evaluate results).

5. I will continue to invest new capital and work my plan because it is time in the market—and not timing the market—that matters.

6. I will adhere to my plan and continue to rebalance (i.e., systematically buying more of what hasn’t done well recently) rather than “unbalance” (i.e., buying more of what’s hot).

7. I will not focus my portfolio in a few securities, or even a few asset classes, as diversification remains the closest thing to a free lunch.

8. I will ensure my portfolio is appropriate for my goals and objectives while only taking risks worth taking.

9. I will manage my emotions by learning about and acknowledging the biases and cognitive errors that influence my behavior.

10. I will keep my cost of investing reasonable.

Most of us find it hard to follow a sensible diet or a sensible investment strategy 100% of the time. If you must stray when managing your wealth or well-being, moderation is the key. Chocolate cake is OK, as long as it’s not for dinner every night. Speculating on a stock or two is all right as well, as long as you don’t do it with your investment capital.

Finally, just as successful athletes rely on coaches and trainers to help them achieve their goals, most investors can probably benefit from having a “financial coach” to remind them about their New Year’s resolutions and keep them on track toward a more prosperous future.

From: Northern Exposure – Be It Resolved by Brad Steiman, Vice President DFA, January 2011

Posted in Articles

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Osprey Money Management LLC is a Registered Investment Advisory Firm registered within the State of Florida.


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