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Investing Mistakes to Avoid: #11 FOG

August 17, 2023 By E.J. Smith - Your Survival Guy

By Aastels @ Shutterstock.com

Your Survival Guy knows a thing or two about getting stuck in the fog. When I was a kid sailing with my family, we were heading home after a weeklong trip, and about halfway through Buzzards Bay, we were engulfed in fog.

We held our course and, before long, entered a mooring field holding no boats that we recognized. Realizing land wasn’t far, and that we were in the wrong harbor, we decided not to press our luck. We tossed out the hook and spent a comfortable night right there. The next morning, after the fog cleared, we learned we were a few harbors west of our own.

Not long after, a buddy and I were fishing outside the harbor chasing bluefish in my 14’ Dell Quay with a 35 Evinrude, when we realized we couldn’t see land anymore. It happens that fast, especially when you’re concentrating on something else. We used the compass to guess our way back, but using a fixed course in moving water is never a great idea. We sat there for what felt like days, but I’m here to write about it. Just don’t tell my parents.

Is Your Family Prepared for the Next Disaster? Click Here to Survive and Thrive

Which brings me to my Investing Mistakes to Avoid: #11 FOG. This market is foggy. But that doesn’t mean you stay on the mooring forever. Investing is a lot about not knowing what’s ahead. It’s been my experience that investors don’t know their risk tolerance until they hit tough times. That’s too late.

Action Line: As a fiduciary to hundreds of investors, a carefully crafted investment plan makes hard times easier. Don’t get stuck in the fog and realize you don’t like being on the water. When you’re ready to talk, let’s.

Read every one of the Investing Mistakes to Avoid here.

Originally posted on Your Survival Guy. 

If you’re willing to fight for Main Street America, click here to sign up for the Richardcyoung.com free weekly email.

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E.J. Smith - Your Survival Guy
E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

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E.J. Smith - Your Survival Guy
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