Do you have an attachment issue?
Does your attachments hinder you from achieving financial success sooner?
Let me give you an example of one:
You have a stock that you bought a while back — let’s say Ford — and you just don’t want to let go of it.
It has grown into something you are attached to.
You love Ford. You love that your stock has done well…? You love the business. You love the fact that it is a company we can say will be here forever…? You love the fact you can say you bought Ford at such and such a price. You love the fact that you can say you bought it “this many years ago”. You love Ford trucks. Your Grandpa loves Ford. You feel good about Ford. You might work for Ford. You even have a Ford hat or t-shirt. It is easy to own Ford stock.
Let’s take a look at why you would hold onto any stock, no matter what, and how that fails you financially.
Staying with the Ford example.
If you could learn just one strategy (Check out my Youtube video HERE to see how powerful one strategy can be), you could easily have doubled your money in Ford multiple times — conservatively.
This does NOT mean timing it at exactly the right moment.
It does NOT mean getting every last bit of the ups and downs.
What it does mean is that if you followed this one strategy, you could have 10X or more, the money you have in your account, just by being close.
If you bought Ford stock in 1987, 30+ years ago, Ford stock price is exactly the same as it is today.
- Note: That doesn’t include stock splits — you would have roughly 10x the number of shares. However, if you followed the strategy above, then you would still realize benefits that far exceed the long-term hold route.
- Additionally, this does not include dividends. If you purchased the stock for this purpose, then you have done fairly well. However, following the strategy mentioned above does not preclude you from earning dividends on a stock. As long as you hold stock on the day dividends are paid out, then you receive the same amount per share no matter how long you have held that stock.
The most common reason for investing in the market though is for your investments to continually make money and gain stock value as well. The long-term hold strategy prevents you from reaping the benefits of upward movement in the stock that are erased when the stock price decreases significantly.
If you are thinking well I saved on taxes, that is somewhat of a myth, read about it HERE in my blog covering how you could be paying more in long term gains than short term.
While the example above was all about a stock, the same problem exists for any investment or asset that you own: mutual funds, CD’s, bonds, annuities, real estate.
Don’t assume that the longer you hold on to something, the more valuable it will become. That is not always the case and holding on to any investment without regular assessment of its value is not a wise plan.
So what attachments do you have in your portfolio?
What about your closet? Garage? Wallet?
Oh wait, that’s a different topic… more on that later.
Let Me Know Your Most Financially Hindering Stock Attachment in the comments below.
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