Dollar cost averaging lightly into stocks may be good right now, but wait before you start buying stocks or funds aggressively until the “supercommittee”, which was created during the debt ceiling crises, comes out with their recommendation on how to cut the U.S. debt an additional $1.5 trillion dollars.
If the “supercommittee” can agree on how to cut the U.S. deficit by $1.5 trillion or more by a Thanksgiving deadline, I think the market may increase a little, because at the end of the day the U.S. Economy is showing signs of weakness. I don’t think the “supercommittee” will be able to come to an agreement, and even if they do, the Economists, Wall Street and the Ratings Agencies could disapprove of the programs which have been named to be cut, causing downgrades in the U.S credit rating again, and the markets would not take that news well.
Bottom line, if the “supercommittee” does not agree on what programs need to be cut in order to reduce U.S. deficit by an additional $1.5 trillion, than all bets are off as to how far the markets could decline.
If you would like me to review your portfolio, receive a Free Financial/Retirement Plan from me or you have questions for me, email me at JimWigen@GetWealthyStayWealthy.com.
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Jim has worked as a Portfolio Manager & Financial Advisor since 1996. In May 2005, Jim founded WHI Financial Services, LLC, WHIFinancial.com, a Registered Investment Advisory firm, with headquarters in Texas. His primary focus is on portfolio management, financial & retirement planning, and financial advisory & insurance services. Jim manages investment portfolios & advises individuals, small to mid-size companies, and non-profit organizations on a variety of financial and business issues.
Prior to founding WHI Financial Services, LLC, Jim worked as a portfolio manager & financial advisor for two international investment firms. From 2001 to 2005, Jim worked with Prudential Securities (merger with Wachovia Securities, now Wells Fargo Financial Advisors), and from 1996 to 2001, he was working with Merrill Lynch. While working with both Wachovia Securities and Merrill Lynch, Jim enjoyed dual responsibilities as a portfolio manager, financial advisor and leader of the Professional Development Program.
Jim's responsibilities as leader of the Professional Development Program included, recruiting, interviewing, training, and overseeing the daily operations of all financial advisors involved in the Professional Development Program. Jim was responsible for managing between 10-20 advisors, while still managing his own client investment accounts.
In addition to his experience in the financial services area, Jim has been involved in several start-up companies. Jim's Philanthropic work includes serving as President/Treasurer of a private foundation established to provide non-profit organizations financial assistance, and Chairman/President of the Believe In Your Dreams Foundation. In 2007, Jim established the Believe In Your Dreams Foundation, a 501(c)3 organization, to help individuals who are suffering from life-altering circumstances beyond their control.
Jim has taught investment, insurance, and credit repair classes through continuing education at universities in CA & TX since 1997. Jim attended the University of Minnesota where his focus was Management & Marketing.
Jim has recently written two books, one called "Your Financial Lifecycle" a book which describes several key investment topics everyone will face throughout their life, and a book titled, "The Truth about Your Credit Score", which defines how credit scores are calculated and how you can increase your credit score, including templates which you can use to send to creditors.
Jim's books can be purchased on Amazon.com, via Author search, or by emailing him directly at JimWigen@GetWealthyStayWealthy.com.
In the Fall of 2011, Jim will be starting his radio show called, The Jim Wigen Show, Teaching You to Get Wealthy & Stay Wealthy. You can hear his shows through streaming audio by visiting JimWigen.com.
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