Plan

How are you going to be successful?  What steps are you going to take to reach success?  Every leader’s goal is to be successful at what they do.  In reaching goals, leaders may face obstacles along the way, but they will make the best out of every situation so they are constantly progressing.  The leader knows that as they go through each experience they will either move forward or backward depending on how they approach the situation.

In order to constantly move forward, it is very important to put together a plan.  The Wall Street Journal article, A Written Plan Can Help Your Portfolio, by Thomas Coyle explained the importance of having a plan when investing your money.  The article focused having an investment-policy statement.  The investment policy statement defines your investment goals before you begin investing.  It also defines the time frame of your goals and the level of risk you are willing to endure.  The investment-policy statement is used by both the agent and the investor so they know how to move forward planning the investments.  This plan is very important because as things come up, the investor and the agent can use the statement as a guide.  It helps remove the emotions that come with investing (Emotions dictate – portfolio loses value = immediate sell, portfolio gains value = immediate buy). One very important aspect of the policy statement is that it helps people look at things long term.

In the past, investment-policy statements were not used as much as they are now.  Since the market became volatile, investors and agents have been using the statements much more than in the past.  They are using them because the statements give focus for both parties.  The article stated, “‘Twenty years ago, if you asked a roomful of advisers how many of them worked with investment-policy statements, only a few hands would go up.  Ask the same question now, and all but a few hands go up,’ says Linda Lubitz.” [Read more…] about Have A Plan For Success