Confident Wealth

Plan, Protect, Prosper- Pt. 2 with Mike Hackler, CFP®

May 20, 2020

During this episode of The Confident Wealth Podcast, Bill Bush and Mike Hackler discuss focusing on the things you can control, choices that make investors lose control of their financial goals, and investor performance versus investor behavior.

Episode Highlights:

  • 00:30 – Bill and Mike recap the previously discussed points from Plan, Protect, Prosper- Pt. 1.
  • 00:55 – What do they mean when they say ‘protect?’
  • 02:43 – Control the things that you can control.
  • 04:00 – How can someone get off track?
  • 05:38 – It is usually a bad idea to follow the herd and sell when everyone panics and sells their investments.
  • 07:07 – You can compare the coronavirus pandemic to how the economy performed during previous recessions.
  • 09:10 – The only time that the stock market and the economy are actually in tandem is during the long-run.
  • 10:45 – Turn to a trusted financial advisor to prevent bad financial decisions during times of panic.
  • 13:08 – What has to happen for you to be happy with your financial progress?

3 Key Points:

  1. Horizon Financial Group is more goal-driven, which is a long-term approach to your needs, instead of being performance-driven, which is a short-term approach to your wants.
  2. Horizon helps to financially protect clients from themselves, especially during emotional times of uncertainty.
  3. The dominant factor of long-term real-life financial outcomes isn’t investment performance; it is investment behavior.

Tweetable Quotes:

  • “We’re more goal-focused and planning-driven, where most everyone else is market-focused or performance-driven.” – Mike Hackler
  • “The things you cannot control, so many people focus on, strictly the day-to-day movements of the stock market.” – Mike Hackler
  • “The main thing you need to control right there is the amount of shares you own. You can control that. If it is one company or its a basket of the greatest companies in the world, or America.” – Mike Hackler

Resources Mentioned: