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You’ve heard the expression about money burning a hole in your pocket. Some people simply aren’t satisfied holding onto their money; they have to get rid of it. Well, below are three guaranteed methods to follow if you’re looking for a quick way to unload some of your money.
1. Follow the Pros
If you ever need a quick way to get rid of some cash, search through your cable channels and look for a fast-talking guy wearing a fancy suit. He’ll spew a plethora of tickers and go on about the latest earnings reports or management changes. He’ll be the one with the supposed inside knowledge on a specific company that proves it’s about to skyrocket. And, he’s just nice enough to share the details with you – must be your lucky day. When you discover this individual, ignore your own due diligence and investment goals and do exactly what he says.
This will provide you with two avenues to lose money at once. Not only will you pay exorbitant fees as a result of all the transactions you’ll be making, but also will see your investments decrease in value because, let’s face it, these guys are wrong more often than they’re right.
2. Be One of the Herd
If you ever feel like you’re doing too well sticking to your own plan and achieving goals you took time to document, get out there and see what everybody else is doing. After all, if all your friends are doing it, it must be a good idea for you as well. If your neighbors are borrowing against their homes to travel the world or hire an architect to design a gourmet kitchen in which they will eat take-out food, you should do the same.
3. Panic
When the market is plummeting and you see potential buying opportunities in good companies you think will be impacted minimally, ignore your instincts to buy low. Instead, sell everything you have and keep it in cash. Wait until you’re sure the market has recovered before getting back in. This will ensure you achieve the goal of every investor to buy high and sell low.
