A Few Thoughts on Diversification
This winter, I was skiing with my family in the Poconos. I was looking at the trail map on the board - there's black diamond, double black diamonds, blue dots, and green squares. There's a place for all of it.
When I was young and I would spend a whole day on black diamonds and double black diamonds. And as I've gotten older, the green dots and the blue dots are kind of more my thing. I'll enjoy a black diamond every now... and then maybe if I get on the wrong lift at the end of the day.
Picking the Right Financial Slopes
The reality is there's a real correlation here with diversification. When you're young and you can afford the risk, you enjoy the risk. Things like GameStop and Tesla sound really fun. But for most of us, as we get a little older and we get a little more serious about our money, we have a little more money that's serious to lose.
We need to be mindful of the timing of our window – how long are we going to be working or able to work is starting to become a reality for us. We put away a lot of those black diamonds and single black diamond slopes, and just enjoy the ride.
For us here at Vizionary Wealth Management, that's an important part of our relationship with you as our clients. We're always here with perspective for the decisions ahead.