Advice from Wise Investors

Chris Jones from Edward Jones joins us to share some tips from experienced investors

From experienced investo c1 >> welcome back, consider some of the lessons that we all might learn from experienced investors.

We could learn a lot.

Joining us is chris jones from edward jones to talk about the lessons.

There's stuff we would love to talk about.

>> you bet.

Thank you very much for having me on jodie.

Basically again, i think it's important for investors to learn this is a challenging endeavor.

So i think it's better to try not to go it alone.

There's five tips to start with.

First would be to regulate your emotion.

For example, the coronovirus that's occurred this year.

A lot of people got emotional about it and didn't make the best decisions as a result.

Second would be learned from experience.

Which is true for all of us in life.

It would be good, we learn from our previous experiences and past mistakes.

Third would be to know yourself in terms of your risk tolerance to make sure you understand the type of investor you are.

Some people would be more conservative and willing to take a lessor return.

Some would be willing to take wider swings on their portfolio to get a better return.

You want a longer term perspective.

Look at it long-term five and 10 years beyond and finally you don't want to do it alone without incurring mistakes along the way.

It's wise to ask parents, grandparents, aunts or uncles anyone who have had experience.

>> would you say from your perspective, talking to someone that's a first-time investor.

What would be your number one piece of advice for them?

>> number one, yeah, i think taking a long-term approach to investing is the best thing people can do.

Realize that investing is more like a marathon in sports compared to a sprint.

You need to understand what type of investor you are.

You need to come up with a long-term game plan.

Long-term goals whether for retirement, maybe for a vacation, maybe college education for your kids or grand kids.

Once you know what your goals are, it's a matter of getting something lined up and making sure you set your expectations and have plenty of time to reach your goals.

Covid has thrown us all for a loop and not knowing where the economy will go.

What is your prediction about the next several months with the election coming up?

>> i think that investors can expect more volatility.

We will probably hear good news days and bad news days.

I would not let one event like the election or waiting for the coronovirus vaccine to come out to make your long-term plans.

Time is money and i think the more time you have to invest, the better off you are.

I think you're also better off not to try to time the market.

A lot of people ask is now the time to invest in, along it's for the long-term.

You will be able to achieve your goals much better than time based on emotion or whatever you feel now is a good time or not a good time.

>> chris, thank you for joining us.

Great advice.