By Barbara Marquand
In the wake of the financial meltdown, top money expert Saly Glassman says investors need to take responsibility of their finances and get their investments back on track. Glassman, ranked the nation's No. 1 woman financial advisor by Barron's, is author of "It's About More Than the Money: Investment Wisdom for Building a Better Life" (FT Press: 2010).
We recently chatted with her about today's hot personal money management issues, from coping with losses to investing independently with discount brokers.
MoneyBlueBook.com: What's your advice for investors coping with losses?
Saly Glassman: The best way to deal with a loss is to step back and make an unemotional evaluation of what happened. By looking with more objectivity at the situation, you can analyze what role you played in contributing to that loss. Were you overextended with your borrowing? Did you have unrealistic expectations with that return? Did you not save enough? Did you not do enough research on the kind of investments you were buying and the person who was advising you? Ask yourself, "What role did I play in the loss that I incurred?"
If you say, "It's everybody else's fault," where does that take you? How can you be part of the solution if you had nothing to do with the problem?
MBB: What are the biggest mistakes investors have made in the last two years?
Glassman: Common mistakes Read the full article »