What do High School Prom, a Royal Wedding, and the Indianapolis 500 all have in common. Parties of course. For those who have not been, the Indy 500 parties start 2 weeks ahead of the Memorial Day weekend race, and in general the crowd and theme are much different than what transpired in Merry Old England last weekend. In fact, all three events have parties with much different feels. Lots of dressing up along with some “pomp and circumstance” for Prom and the Royals, but T-shirts and shorts (sometimes less) are the norm on Georgetown Road at Indy. Indy has coffee followed by beer, Windsor has tea followed by Mimosa’s, and Prom – well these days they are controlled, soda and punch rarely get spiked. All three events are big days for those involved, all take planning by hosts and guests alike, and in 2018 all include metal detectors and security.
Why am I talking about parties? Because as an individual, a family, an employee or a business owner you have your own unique differences and similarities to those around you. Much like those parties are unique, yet also have factors in common. When it comes to investing, that uniqueness of goals and needs should be reflected in your investment choices. Your comfort with risk might be high, low or in-between. Your timetable may have family factors which dictate something other than a “normal time horizon.” Special needs family, a second-generation business, mixed families – todays world dictates that those of us who work for our clients best interest-ask these questions, apply the answers, monitor and adjust over time a variety of accounts and combinations which truly best represent your opportunity at meeting your goals and needs. Your investments might look like one of those parties- conservative, traditional and yet grounded in todays world, or they may be looking go and grow at 200 MPH. Odds are you likely need some or all the above in the proper accounts and allocations, according to which make the most sense for your life.
Know what you own and why you own it. You don’t need to be the financial expert, yet your individuality certainly should be reflected in your accounts and plan. Have a great week.