Day Trading and Do-It-Yourself Investing Is not the Road to Building Wealth
The television commercials for do-it-yourself (DIY) investment houses all focus on how investors can save on fees associated with stock and fund trading. They don’t emphasize the risks that come with day trading or that DIY investing is not for most people.
A DIY investor has limited resources for support or advice on weathering periods of declining share values, like we see today. Many of the DIY firms use robo advisors, not real financial advisors. These robo advisors cannot take advantage of rising markets and limit losses when the markets decline, as a dedicated financial advisor can. Apps like Robin Hood can point investors to “a stock of the day,” but these DIY tools will not answer an investor’s specific questions about the companies they highlight. That is left to the DIY investor to research.
Day-to-day investing is not a plan to build wealth. Yes, a person may find a particular stock attractive on Tuesday and sell it on Thursday for a small profit. Yet it is exceedingly rare for a person to become wealthy through day trading. Day trading can be a mind-numbing exercise that takes up valuable time and energy, resulting in high levels of stress.
At Isakov Planning Group, we know that the best way to accumulate wealth is to have a long-term plan and stick with it. We do course correct along the road to building wealth, according to the prevailing financial conditions. However, dedicated financial advisors like Isakov Planning Group are laser focused on your road ahead to reaching your retirement and savings goals.
We not only build and monitor your investment portfolio, but we offer financial advice in other important areas that affect financial security, including insurance, estate planning, accounting services, and lines of credit, either through our own resources or through our referral network.
Contact Isakov Planning Group today to learn more about our customized map for the road to building your wealth.