WISDOM FROM THE COACH
"Most men, when they think they are thinking, are merely rearranging their prejudices."
—Knute Rockne
When it comes to your money, one of the worst things you can do is to rearrange your prejudices to justify your action — or in many cases, inaction. If you currently are holding on to a big losing position, often the best medicine is to sell and take your lumps. You then can rotate your money into better opportunities. Those new opportunities hopefully will allow you to recover from your losses and then some. Remember, rearranging prejudices is not thinking. And, not thinking when it comes to your money can really harm your wealth.
Wisdom about money, investing and life can be found anywhere. If you have a good quote you’d like me to share with your fellow Alert readers, send it to me, along with any comments, questions and suggestions you have about my radio show, newsletters, seminars, or anything else.
Jim Woods is a 30-plus-year veteran of the markets with varied experience as a broker, hedge fund trader, financial writer, author and newsletter editor.
His books include co-authoring, “Billion Dollar Green: Profit from the Eco Revolution,” and “The Wealth Shield: How to Invest and Protect Your Money from Another Stock Market Crash, Financial Crisis or Global Economic Collapse.” He’s also ghostwritten many books and articles, as well as edited content for some of the investment industry’s biggest luminaries. Read more about Jim Woods.
