What can the Wizard of Oz teach us about investing?
The Wizard of Oz is one of the most well-known films of all times. I grew watching this iconic movie once a year on television which was a much-anticipated event for the entire family. This movie has it all: singing, munchkins and flying monkeys. And my least favorite character- the Wicked Witch of the West with a green face and scary laugh.
The plot follows Dorothy down the yellow brick road to meet the Wizard. On her way to the Emerald City, Dorothy meets and befriends the Scarecrow who wants a brain, the Tin Man who desires a heart, and the Cowardly Lion who is in need of courage. All of them accompany Dorothy in search of having their wishes granted by the Wizard.
In investing, we can all feel like these three characters. The investing world can be confusing and overwhelming; often making it feel difficult to comprehend the many facets of investing. Like the Scarecrow, you can feel like you are in search of a brain, trying to grasp the knowledge to make a decision regarding your investments.
In addition, the ability to feel the impact of the environment may make us feel inept at having the emotional requirements for the investing.
Would it not be easier to not have a heart, like the Tin Man, to keep the emotional side of investing in check?
And like the Cowardly Lion, who is fearful of all that is around him, investing can make us afraid due to the risks and uncertainty. Courage to set up a plan and stick with it is paramount for being successful, especially when the markets take a downturn and fear is being preached all over the media. It is difficult to remain unafraid, but it is necessary to achieve your long-term goals.
So, be like the characters in the Wizard of Oz……have knowledge, keep your emotions in check, and have courage to believe that your plan is going to bring you down the yellow brick road to retirement.
Your investment advisor can assist you, just like Dorothy, helping to make your journey all the better.
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