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Things I’m Pretty Sure Of!

I read a column recently from Morgan Housel in the Wall Street Journal.  It was titled: “Things I’m Pretty Sure About.”  It was a really solid column where he hit a lot of points covering areas from meetings to companies to investing.  It was so good I decided to steal his concept and list some of my own thoughts.  I have included a couple of his thoughts in quotes as they were so good and I cannot improve them.  Let’s dive into some things I am Pretty Sure About!

  • I am better off anytime I can give more than I take. Being the person who gives at least 51% helps me sleep better at night.
  • I’m fortunate in my practice that I can be selective and work with clients I like enough to give them my cell phone number.
  • Our present world continues to become a much better place. My kids forget cameras, phones and computers were once separate devices, I never experienced limitations on things like gas or food, and my parents didn’t worry about diseases such as polio.
  • Focus more on what you keep and not what you make. Over time taxes can eat away 50% of your investment returns.
  • I truly believe your actions drown out your words.
  • My best ideas come from letting my mind relax and wander. This is why I try to get outside as much as possible.
  • Banks and insurance companies are similar to casinos. The house always wins.
  • “Recessions and bear markets are very easy to predict, except for the timing, cause, magnitude, duration, location, and policy response.”
  • Working off of commissions as opposed to a fee-based compensation model doesn’t make you a bad advisor. It does, however, make you a salesperson.
  • “Look at today’s five largest companies in the world. Fifteen years ago, one of them didn’t exist, one was a tiny start-up, one was a belittled relic of the dot-com bust, another was fighting to stay relevant after flirting with bankruptcy a few years before.  I suspect the next 15 years will be even more extreme.”
  • Being a contrarian doesn’t mean I am negative. It simply means I take the time and question whether one should automatically follow groupthink.

I know you have many things you are very sure about as well.  If you have any great ones you wish to share I would love to hear them.  In the meantime, enjoy the weekend and hopefully you get to spend some time doing what makes you happy!

About Dan Johnson, CFP

I am the President and CCO of Forward Thinking Wealth Management, LLC, which is the flat-fee financial planning firm located in Akron, OH, and set up to work virtually with clients across the country. I charge clients a flat fee of $4,800 regardless of asset size. My firm is a solution to what I feel is a broken system where clients pay advisors based on something out of their control - the performance of the market.
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