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Rule 2: Have a Financial Plan

In: Intelligent Investing in Irrational Markets

Author

Listed:
  • Panos Mourdoukoutas

    (LIU Post)

Abstract

Intelligent investing isn’t an open-ended process whereby investors use financial markets to get rich quickly. Neither is it a panacea, a one-size-fits-all process. It is rather a process that allows these investors to achieve certain financial goals. That’s why intelligent investing begins with financial planning, which includes the financial goals and priorities to be pursued; the financial constraints and the means of achieving them; and a strategy that allocates funds to different financial assets that help investors match financial goals and priorities with financial means and constraints. This means that different investors may pursue different investment strategies, as goals and priorities and means and constraints differ across individuals. Younger individuals, for instance, may pursue an investment strategy that provides maximum liquidity, as they may need the invested funds in the near future to pay for education or for a down payment to buy a house.

Suggested Citation

  • Panos Mourdoukoutas, 2013. "Rule 2: Have a Financial Plan," Palgrave Macmillan Books, in: Intelligent Investing in Irrational Markets, chapter 2, pages 17-25, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-34289-8_3
    DOI: 10.1057/9781137342898_3
    as

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