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Fake news: Savings and investing myths to avoid

by Lee Rogers

The thing about investing that you will notice is nearly everybody has an opinion about your money and what you should do with it.

 

Fake news item 1: You will hit it big buying a single stock and holding it no matter what comes.

For everyone who accomplishes that, there are many more who don’t; it’s like buying a lottery ticket and hoping it hits. Solomon said, “Divide thy portions in seven; no eight baskets for you never know what trouble will befall the earth.” I am sticking with Solomon.

 

Fake news item 2: Put everything you have in gold (or silver).

I remember when I pawned my high-school class ring in 1980 I got $389. Gold was getting about $500 to $600 an ounce, but it took until 2006 to reach that price again.

 

Fake news item 3: Hide it in a mattress or savings account.

When you have retirement as a goal, a savings account (or mattress) cannot compete with forces of inflation. Choose an investment strategy that will help your funds grow.

 

Fake news item 4: Your health will remain the same.

I can bear witness to that. At age 51, I had a massive stroke that left me unable to talk, walk and even brush my hair. It has been a challenge to get myself back, but your single biggest expense in retirement is likely to be health care. Medicare doesn’t cover any of the cost associated with assisted living. Protect your nest egg by purchasing long-term care or a chronic illness policy.

 

Seek out a licensed financial advisor to help you select the most suitable investment products and mitigate risks. Be completely open and honest about your situation with the advisor you chose so he or she can accurately look at your needs and goals and make suitable recommendations.


For more information: www.marstonrogers.com, 15431 O’Neal Rd Suite B, Gulfport, MS 39503 or call (228) 697-2072. Securities (and investment advisory services) are offered solely through Ameritas Investment Corp. (AIC). Member FINRA/SIPC. AIC and Marston Rogers Group are not affiliated. Additional products and services may be available through Marston Rogers or Marston Rogers Group that are not offered through AIC. Representatives of AIC do not provide tax or legal advice. Please consult your tax advisor or attorney regarding your situation.

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