OCR Text |
Show Sunterilb Ths SmwmuM IT Cmmify Em American Express Financial Advisors Warns Investors About The Top Ten Financial Pitfalls Driving along roads beset with construction, especially in die dark, can be dangerous for anyone. But, when the road is laden with barricades and detours, the journey can be devastating. Such is the case for both beginning and experienced investors. Each can find themselves having to swerve to avoid financial potholes if not aware of where to find the deepest and most frequent ones. American Express Financial Advisors has developed a list of ten Call now for a personal visit from the CLASSY HOME guys. Contact Curt Smuin. - - 61 investment mistakes that can rise up unexpectedly along life's sometimes bumpy road. Knowing how to avoid these pitfalls can be an important step to financial success. 1. Not establishing a dear goal for realistic results - Without a timeline andor dollar goal, investors never know who much they need to save. Also, without a benchmark to measure progress, goals can slip away effortlessly. 2. Failing to "nav yourself first - Finding ways to spend money on unnecessary things is easy unless the "nest egg" is put at the top of the list. 3. Failing to increase savings nr to account for inflation or pay raises - Inflation, the unseen thief of personal wealth, can do great damage over the years. As for pay raises, if the extra income is not needed to meet crucial household needs, boosting the nest egg with the extra income can add up quickly. 4. Lack of patience - Few people "get rich quick" unless they win the lottery or come into a hefty inheritance. Focusing on the long term financial picture is a better way to find riches than being influenced by short-tertemporary events. 3. Procrastination - While there is no perfect time to invest, the sooner an investor begins the larger the long-terreward. 6. Just sitting back Investors cant assume that once money is safely allotted, their financial world is in order and no modifications are necessary. Personal changes in job status, marital status, health and family size can have a great effect on overall investment strategy as can major changes in the global economy. While hiring a professional financial planner is a good way to monitor activity in the investment arena, those without a planner should take the time to read the updates and reports provided by their investments and make assessments based on the information. 7. Not understanding riskreward One simple financial rule states that no investment exists that guarantees a big return without risk. The greater the return desired, the more risk an investor must he willing to take. For example, stocks are more risky than savings .accounts, but have historically provided a greater return. Generally, the longer the investment time frame, die higher the level of risk. Conversely, short term investors may do better with less aggressive investments. Each investment is rated on terms of risk so investors should check the rating m -- before writing the check. 8. Lack of diversification putting all investment eggs into one basket makes one more vulnerable to risk. Money should be spread out among different investments with varying levels of risk. This is a good way to reduce the volatility of an investment portfolio. 9. Overlooking costs - Each investment has some cost attached and it's important to understand all of them. For example, a mutual fund could have a sales charge, a management fee, surrender charges, etc. Each investment broker has a different charge for services rendered. Making an initial cost comparison can save large sums of money over the course of an investment 10. I .poking for the "hot new product" - Just because a financial instrument is performing very well and may be garnering lots of media attention at the moment, doesn't mean it will continueto do so - or that it will fit the investor's personal needs. American Express Financial Advisors is the nation's leading financial planning company and currently owns andor manages over $160 billion in assets. In Utah, American Express Financial Advisors employs more than 63 advisors in its Midvale, Orem, Layton and Sugar House offices. Summit County Health Notices Flu Shots: Summit County Public Health Dept., Oct 14 0 and 15, from 8 a.m., and from 1 p.m.-- 6 p.m. Cost, $7. Bring Medicare card to clinic and we will bill Medicare for you. For information, call ext. 3234. 336-443- 1, Cholesterol Screening: Summit County Health Dept, en- courages individuals years of age to have their cholesterol tested. Cholesterol Test will include total cholesterol number, good and bad cholesterol, triglycrides, glucose screening test. Counseling and information will be provided when test results are followed up to you. Information and to set up an appointment, call Coalville, ext 228. North Summit - Coalville Immunization Clinics: Immunization clinics held every Tuesday, from 2 p.m. to 4:30 p.m.. Summit County Public Health Dept For more information and immunization charges, call ext 3234. Kamas Area: Well Child Clinic will be second Monday of each month. Appointments are required and available from 8:30 a.m. through 3:30 p.m. For more information and appointments, call Kamas Immunization Clinic: Immunization Clinic held every Tuesday, from 9 a.m. to 12 noon. Summit County Public . Health Dept.. U0N. Main. No appointment required. For more ' information, call 336-443- 1, 336-443- 1, 783-432- 1. 783-432- 1. (BITR(D(B Hours: Mon., Thu. & Fri. Tue. & Wed. Saturday L 8:30 a.m. 6 p.m. 8:30 a.m. - 8 p.m. 9 a.m. - 4 p.m. Earlier or taler appointment upon request. Man m fSmffbs Diane Grose Nail We know m what grows in Summit County (B4S)-H36- 3 Located between Park City and Kimball Junction on Hwy 224 . 20-6- 3 Will IIII PARK CITY, a NURSERY . a.m.-11:3- Tech Hair Cuts (Men,VCbmen, Children) Color Penn Pedicure Manicure' Full Set Nails, flips & Sculpted) Waring (Facial) Lash & Brow Tinting Tanning Allperm & color services include cut-n-st-yle with price. 5 Product Line: Paul Mitchell Back to Basics Brocato 184 North Main Heber City 654-013- 5 J |