On The Money

Financial Fact or Fiction: I should have the same investments as my siblings or friends

Today we’re playing fact or fiction, and one assumption many people may have is that they should have the same investments as their siblings or friends because they are close in age.

Alexander Joyce, President and CEO of ReJoyce Financial, says fiction. One of the top reasons is that you may have differences in what you believe in. This can come into play with different biases, for example you may want to buy stocks in a Petroleum company while your sister has stocks in a solar panel company.

Joyce recommends looking at your long term goals and seeing if the investment plays well into those goals, without ignoring how you feel about the investment itself. He says getting advice is the best way to navigate this tricky dynamic.

For more information, watch the video above.

ReJoyce Financial takes a holistic approach to your finances, and there’s no time like the present to consider professional advice. Information on financial planning is available at the ReJoyce Financial website or by calling 317-903-0517.