Should you hire an advisor to help you control the market returns? (#128)

Episode Summary: Join AB Ridgeway, also known as Mr. Christian Finance, on a journey to uncover the secrets of investing in this episode of "Financial Advisors Say The Darndest Things." With the keyword "CONTROL" as the focal point, Ridgeway navigates through the intricacies of understanding control, overcoming control bias, and mastering the art of controlling investments and risk. Through insightful commentary and practical wisdom, he empowers listeners to confront their financial fears, make informed decisions, and achieve better outcomes in their financial journey.

Key Takeaways:

1. Understanding Control: Ridgeway emphasizes the importance of discerning between what can be controlled and what cannot in financial decision-making. By embracing quotes that highlight the essence of control, listeners are encouraged to adopt a proactive mindset towards their finances, focusing on actionable steps rather than succumbing to perceived helplessness.
2. Control Bias: Delving into the psychological aspects of control bias, Ridgeway exposes common misconceptions that lead individuals to overestimate their influence over financial outcomes. Through relatable examples such as gambling psychology, he underscores the necessity of acknowledging limitations and seeking guidance to overcome cognitive biases that hinder rational decision-making.
3. Controlling Your Investments: Ridgeway explores common approaches to investment management, urging listeners to strike a balance between relinquishing control and micromanaging their portfolios. By dissecting the roles of financial advisors and individual investors, he advocates for a strategic approach rooted in prudent decision-making and disciplined execution.
4. Controlling Risk: Addressing the core tenet of portfolio management, Ridgeway navigates through the intricacies of risk assessment and mitigation. By distinguishing between controllable and uncontrollable risks, he empowers listeners to focus on factors within their purview, such as diversification and risk management strategies, to optimize long-term investment outcomes.
5. Controlling Your Emotions: Ridgeway concludes with a call to manage emotions during periods of market volatility, emphasizing the importance of maintaining composure and focusing on controllable aspects of financial planning. Through biblical wisdom and practical insights, he encourages listeners to cultivate resilience and emotional intelligence to navigate the highs and lows of the financial markets.

Quotes:

1. "Control what you can control, and confront the rest."
2. "If you can't control your emotions, you will never be able to control your money."
3. "An intelligent heart acquires knowledge, and the ear of the wise seeks knowledge."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.