Many people took a terrible loss in the stock market since last September 2008. Remember that helpless feeling of not knowing what to do? Do I sell? Do I hold? Do I buy more stock now as it couldn’t possibly go down any more? And then it drops another 10-30-80%.
For some reason, people have been told or told themselves that managing their money is just too difficult. Most people work hard to save money for their retirement, yet they seem to be unwilling to learn how to manage their savings. Instead they will just keep their funds with the same broker or planner or uncle that has been managing their money for years.
Don’t question? Don’t educate yourself? If you are interested in buying a new digital camera, I will bet that you will do a little research to assure that you are an informed person on the various features. Many may even look at Consumer Reports to get more input. Yet when it comes to managing that nest egg, most just wash their hands!
Why is this?