Andrew Stotz – Valuable Risk–Reduction Advice from Guests

Recently, I posed this question to some of my prior guests, “How would you advise a young person to reduce risk in their life?” The answers rolled in from 40 guests! I grouped the responses into five categories: Building valuable relationships, managing finances, personal growth, risk management, and having awareness. There are tremendous pearls of wisdom!

Valuable relationships – Communication with loved ones, mentors, and friends

• Don’t be afraid to ask for help
• Seek out trusted friends, family members, and mentors and listen to them

“Don’t be afraid to ask for help.”

Corey Hoffstein

“At each stage in your life, find mentors and friends you trust and who you feel are invested in you – listen to their advice.”

Colin W. McLean

“Get married, listen to your wife, stay married.”

Michael Markels

“Alongside your time and money, the most important asset allocation decision you will make is with the trust you invest in a select few people: your spouse and family, your friends, those you work with, and those you entrust to take care of whatever or whomever you cannot personally care for. (You’ll note your choice of fund managers and CEOs of stocks you buy only fits into that last category).”

Tariq Dennison

Managing finances – Focus on investing in your future

• Start investing early
• Get a great education and training in your field
• Understand what you are investing in
• Study everything you can find about money
• Set a long-term investment strategy and stay the course, even when it’s scary
• Traditional jobs are often bad investments these days
• Diversify your life by developing skills and relationships in multiple areas

“Start investing early to create wealth and always live within your means.”

Nicolas Rabener

“Pass CFA exams and be a CFA charterholder.”

David Ying

“Invest in what you truly understand.”

Sopon Srisakunpath

“Study money! If you want more of it, you must talk about it and think about it daily, which means, read books; all and any book with the word money in the title.”

Jerremy Newsome

“Hold when your investments drop a little; hold even when they go up as much as you wish. There’s more on the horizon for you, always.”

Philipp Kristian Diekhöner

“The worst income source you will ever have as an adult is a traditional job.”

Bobby Casey

“Find ways to put multi