Investment Tax Series: Part IV The Social Tax of Investing Why Cocktail Party Advice Could Cost You
When most people think of the taxes associated with investing, their mind immediately jumps to April 15th and capital gains taxes. While government taxes are certainly a real cost, they’re just the beginning. In reality, investing comes with a variety of "hidden taxes". For example: mental, emotional, social … And these can have just as much impact on your wealth and your experience.
At McFee Financial Group, we believe understanding these unseen costs is key to long-term success. In this series, we’ll break down each type of investment tax, how they affect you, and how we work to minimize their burden.
Fourth in the Series: the social tax - the overcoming of peer pressure.
“The stock market is filled with individuals who know the price of everything, but the value of nothing.” - Philip Fisher
At any social event, there’s that person bragging about their latest “can’t-miss” investment. From weddings, networking events, board/association socials, friend meet-ups, and family gatherings – all can be a playground for one or two unwarranted financial advice statements.
It’s tempting to wonder: Am I doing enough? Should I be doing what they’re doing?
But blindly following this social fodder can derail your financial plan.
At McFee Financial Group, we help you stay true to your personalized wealth strategy, no matter the social noise around you. We always want to hear from our families! And if ideas you get out there make sense, we want to make sure to implement them into your Family Wealth Plan; making sure not to harm your goals.
3 Ways to Handle Cocktail Party Investing Advice:
A 12-Question Guide to Stay Grounded in Your Goals
Top 3 Takeaways:
- Other people’s strategies aren’t always right for you.
- Private, thoughtful investing more likely leads to stronger outcomes.
- Bring questions to your trusted advisor, not the cocktail party crowd.
Advisor offering securities through Cetera Wealth Services, LLC, (doing insurance business in CA as CFGAN Insurance Agency LLC, CA insurance license # 0644976), member FINRA/SIPC. Advisory services offered through Cetera Investment Advisers LLC, a registered investment adviser. Cetera is under separate ownership from any other named entity. CA Insurance License # 0F70768
McFee Financial Group, Inc. is a registered investment adviser firm offering financial planning service.
McFee Financial Group is not a subsidiary of nor controlled by Cetera.
Personal Insurance Licensed in Minnesota #47761, IA and FL
All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful.
For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice.