Happy summer and happy investing

In celebration of summer, here are some common themes between tourist traps and investing traps (and what to steer clear of).

Avoid the crowds.

There’s a brunch place near where I live in San Francisco. We used to wait 15 minutes for a table many years ago, but today, waits of 1–2 hours are common. I have no doubt it still serves up great pancakes, but there are a half a dozen places nearby that offer equally delicious (if not better) food and a more enjoyable experience, without the crowds, the wait, or jacked-up prices.

Similarly, long-term investing isn’t a popularity contest. The investments that everyone is chasing can be overhyped and overpriced, with prices driven higher not so much by fundamentals but because more and more investors are piling in. We’ve seen it before; herd mentality can lead to bubbles, where prices become separated from value.

Don’t miss the forest for the trees.

I recently visited Plitvice Lakes in Croatia, a stunning park of magnificent waterfalls and turquoise lakes. Rather than savoring the views, many visitors seemed rushed — keen on ticking off as many sites as humanly possible, elbowing through crowds, and wielding selfie sticks to get that Insta-worthy shot. What did they miss? The awe and power of the jaw-dropping natural beauty. They say a picture’s worth a thousand words, but in this case, being present was worth more than a thousand pictures.

When it comes to long-term investing, have an overall plan — a blueprint that helps you invest toward your goals but allows for flexibility as things change. Investing is a life-long journey, not a get-rich-quick scheme with constant detours chasing one hot investment after another. Take time to make decisions that are prudent and appropriate for you and your goals.

Not all recos are equal — make sure they’re right for you.

I’ve been working with a travel agent to help me plan a trip with my mom, who’ll turn 91 next month. Regardless of what’s highly recommended by others, we’ll be visiting sites that are personalized to her preferences and limitations so she can get the most out of her travel experience.

Similarly, your investment portfolio should be specific to you, constructed and managed to accomplish your personal financial goals — not your friend’s, not Warren Buffett’s, not your tech entrepreneur neighbor’s. Pay heed to who is making the recommendation and how that person’s financial situation and goals are similar to or different from yours. What someone else invests in or what they recommend may or may not be appropriate for you, regardless of how attractive it appears.

There’s always tomorrow.

No matter how carefully you plan your travel, there will always be places you didn’t get to visit, food you didn’t get to try, people you missed seeing, and experiences you wished you had. This shouldn’t diminish everything you did ‌do and all of the experiences you enjoyed.

In investing, there will always be missed opportunities. But if there’s anything I’ve learned from my decades in the industry, the landscape is always changing, and that dynamic creates a continuum of opportunities. Regret has no place in investing, because there will always be more opportunities on the horizon.

PS: ​​Join Ellevest for a live webinar on July 16, 2024 at 3 PM ET / 12 PM PT explaining the markets. Save your spot.

See you soonish?

• How to Pay Off Debt: Paying off debt is a huge money win, and we’re here to help you get there.
  JULY 18 @ 5 PM ET: Sign up
• Budget How-To: Learn two budgeting methods from a financial planner in this live 45-minute workshop.
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• Investing, Part 1: How It All Works: We’ll go over stocks and the stock market, major investing principles, and more in this 45-minute workshop.
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• NEW! Generational Wealth, Part 2: Estate Planning: We’ll cover the essentials of estate planning in this limited-time workshop.
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No tea, just links

• 🌻 BUDGET-FOR-YOUR-BEST-DAYS COLLECTION: From navigating lifestyle creep and inflation to building a budget that helps you plan for that long-awaited PTO — our team of financial planners will meet you there!
• 🏖️ BOOKMARKABLE ADVICE: If thinking about travel possibilities — and knowing that you have some — makes you feel relaxed.
• 🎒 CARRY-ONS: “We’re each bringing our own money baggage into a relationship. Sometimes it’s a handbag. Sometimes it’s three large suitcases.” Read why some people don’t talk about money and our advice for that.
• 🍼 COST OF CHILD CARE: Head of Ellevest Wealth Management, Emily Green, discusses with CNBC how taking a break from the workforce can have long-term effects on an individual’s — and their family’s — financial future.