Legendary economist John Kenneth Galbraith gave us this poignant quote about the reality of forecasting:
“We have two classes of forecasters: those who don’t know and those who don’t know they don’t know.”
If someone is telling you they know exactly what is going to happen with your finances or the markets today, tomorrow, next week or next year, run. Either they are knowingly lying to you or they really believe they know the future which might be worse.
Nobody has a crystal ball so your plan should be built as conservatively as possible with a diversified investment portfolio. This gives investors the best opportunity to weather the unknowns we will inevitably face.
If you haven’t recently reviewed your financial plan you should contact your CERTIFIED FINANCIAL PLANNER™ Practitioner.