I have what I call rules to financial success. 

They officially became Guruism’s when I started my weekly radio show in Idaho.  The Weekly show was called the Idaho Retirement Guru. 

Thus the official start of guruism’s. 

Below are a few of the many wise ideas that members of this site get full access to. 

I think after reading them you will have a better understanding of how to increase your net worth while protecting what you have.

1. You are where you are because of the decisions you’ve made in the past.

If you’re not happy with where you are, you may need to make some changes.

Have you ever wondered why some people are wealthy and other may not be?  Why is it, some people seem to get all the breaks and others seem to never get a break?  Why some people just seem to be in the right place at the right time, and you’re always a day late and a dollar short.

Work, perseverance, tenacity, the ability to make a decision, and the ability to accept a mistake if that is what is required to learn.  You must accept that where you are is in direct relationship to your past decisions.  You cannot blame anybody else for where you are.  So if you don’t like where you are make some changes.  This is true for you personally as well as your money.  Make sense?


2. If you can’t control the loss don’t to it.

Now I understand some things just happen.  I’ve been taken advantage of before, and you may have too, I call that life happens.  However just know that if you have no way to control your loss don’t do it.  If you can always control the loss of your investments, long term I believe you will be much further ahead.  So before you invest in anything always ask, “What is the maximum I can lose?  In any investment if you have no way to control the loss don’t do it!  And the easier it is to control the loss, or the more controls you have on your investments to allow you to control loss the better.  For example, why would you ever invest in a stock without utilizing a Trailing Stop Loss?  By using a simple technique it can save you a truck load of money.  Why would you ever purchase a mutual fund and just let the advisor watch over it?  Remember the money is yours!  You should always be able to watch over your money and be able to sell whenever you want.  So just remember if you can’t control the loss don’t do it!


3. If you don’t understand it, don’t do it.

Many times people purchase stuff and never really understood what they were getting.  If you understand what you’re purchasing, you’re much less likely to have regrets later on.  We have enough regrets in life don’t add financial regrets to that list.  This little gem came to me when I was always meeting with people and they owned STUFF and did not know what they had.  They either purchased it because on a whim, or they purchased it because someone told them it was good.  However they did not have the product or investment explained to them in terms that they understood.  Now I know there are investing strategies that are way over my head, however I understand the concept behind them and the basics of how they work.  Understanding a strategy is not the same as understanding a produce or investment.  Here are some examples of what I mean.

Would it be smart to purchase stocks as an asset protection strategy?  
Would it be smart to purchase global loaded funds if you are looking for safety and low fees?
Would it be smart to purchase CD’s if you’re looking for a great growth investment?
Make sense?  If you don’t understand what you are getting don’t get it.


4. If you don’t like what’s happening or are worried, get a second opinion.

This should be easy to understand. Many times people may be losing money, but think every bodies losing so it’s ok. Or you may be worried about your finances and you never go anywhere else to see if there are other options. Just like anything, getting a second opinion very seldom works against you. Remember, if you’re worried about your money, or what you’re doing get a second opinion.


5. The person that created your financial problem, may not be the one to fix it.

If you’re doing your own investing and feel over your head, you probably can’t fix it otherwise you may not have gotten in that position in the first place.

If you’re working with someone and are not happy with what is happening, that person is probably not the one to fix it, that just makes sense right?  Regardless of what the person says, if there is a big problem if the person knew how to fix it then they should have known how to prevent it.  I have seen many times when a new client of mine is moving money from their current advisor the advisor will explain how they can do what I can do.  Well if they can, why did they not do it in the first place?


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