Personal Finance Task-Invest This Money!

A friend of mine was in town earlier in the week-she asked me to look over her $650,000 portfolio. She actually transferred the money from a large brokerage firm into Scottrade and said…Take it to two million! She knows my track record and even though I don’t actively manage others money-I’m looking forward to this challenge.

As we were updating her profit and loss summary in Scottrade I couldn’t help but notice some of the huge profits she had in stocks…That had evaporated! Other stocks that were complete dogs were still in her portfolio. There was just no written strategy between her and her broker. I think there’s enough blame to go around for both of them. Most of the funds are in her retirement account but there is about $150,000 in a cash account. She voiced the same concerns I had heard forever when I was an investment advisor…Don’t trade too much-I don’t want to have a large tax bill. I then reviewed her profit and loss statement again and told her I would take profits when they were warranted. Don’t let taxes cloud you making good investment decisions 🙂

Well, my birthday was 8/10 and God knows I’ve been celebrating it long enough and will return to blogging with a vengeance!

Steve Mertz
Back in The Saddle Again!!

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