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Gone are the days when we stood around the BBQ waxing lyrical about cars and beer. Tomahawk steaks have replaced burgers and finances have replaced fenders. While we still boast about the six-foot fish that we almost landed, we’re getting better about not keeping up with the Joneses.

It’s not a competition

For most people, we’ve moved passed the days when we’d spar with our neighbors over the garden fence. Vacations, cars and cash really don’t matter. When it comes to the nitty-gritty of our assets, we shouldn’t inflate our finances to impress our neighbors.

I always like to have an honest conversation with my clients about their finances. Embellishing your equity at the beginning can seriously derail your financial planning when you’re asked to prove your [net] worth.

Honesty is the best policy

We know that everyone has different circumstances and their financial packages are unique. Honesty and openness are integral to the team at GDS Wealth Management so we’re always transparent with our recommendations.

We always explain the pros and cons of each product – even if they’re not ideal for you – so that you can make the most informed decision possible.

Risky business

We’ve all thought about buying a lottery ticket. The $1 investment doesn’t seem too risky, right? But it’s a little different when we consider how risky we want to be with our finances. It’s important to be truthful with ourselves whenever we answer risk assessment questions.

What might seem to be a good financial strategy with a million dollars, can be unfeasible with only $100,000 dollars, because some investment packages have thresholds or penalties that may be prohibitive with a smaller dollar value.

Your age and personal circumstances play a critical role in the risks that you’re willing to take. If you’re nearing retirement, then a less risky portfolio might be preferred. Maybe one that provides dividends.

Irrespective of your age or life circumstances, always be wary of investments that include redemption penalties, as these penalties can affect you now and for years to come.

Not just cents and dimes

I don’t like to put all my eggs in one basket and this rings true for my clients as well. I never suggest putting all of their investments into a particular sector or country. Fine-tuning your portfolio can become quite difficult, so I always recommend seeking the knowledge of an expert who can help you with your portfolio planning

Let the Joneses keep up with you!

At the right time in your life, with the right investments and the right level of risk, you’ll have more than enough time and money to land the six-foot fish that you’ve been searching for.

Glen D. Smith
CFP®, CRPC® | Chief Executive Officer | Chief Investment Officer | Cofounder

GDS Wealth Management is not a registered broker/dealer and is independent of Raymond James Financial Services. Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Any opinions are those of Glen D. Smith and not necessarily those of RJFS or Raymond James.
As Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.

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