BOSTON (CBS) – A new survey by Boston’s Natixis Global Asset Management finds investors continue to make mistakes with their money. With today’s volatile markets there’s no time for mistakes.
An expected interest rate hike and a volatile market prove that point. But when you boil it down, investing philosophy is simple.READ MORE: NH State Police Release Video Of SUV Wanted In Hit And Run That Killed Retired Sgt. Donna Briggs
WBZ NewsRadio 1030’s Jeff Brown reports
According to John Hailer, president of Natixis, “Getting the emotion out of investing is the number one goal. And you got to get the short term noise out of your head.”
Putting that into practice is tough to do but Hailer says it always turns out the same.
“Over the long term everything, and you look at it historically, comes out in the end. It balances out in the end,” he explains.
The strategy is the same for everyone, but it depends where you are financially.READ MORE: Coronavirus In Massachusetts: Today's Developments
Hailer claims, “You got to ride through these storms. But it all depends on your time, your horizon and what kind of risk you can take that matters.”
The young crowd, also known as the millennials, seems to be doing a lot of the right things with their money.
“There’s almost some similarities between the really older depression era generation and some of the newer, younger people coming out,” Hailer says.
Remember the old saying ‘a penny saved is a penny earned? Take care of the pennies, the dollars will take care of themselves?’
The millenials do, and they’re taking their grandparents’ advice.
“You’ve got to be invested in the markets, you’ve got to be invested in the long term and you got to figure out again what your goals are because if you can figure that out, then you can build a portfolio that meets your needs,” Hailer instructs.MORE NEWS: It Happens Here: Dunstable's Little Red Schoolhouse Is An Up-Close Lesson In History
He gives another good tip to remember as you ride the Wall Street roller coaster: take a deep breath when you open up your 401k statement.