At Monument, we’re tired of financial advisors spewing out jargon and B.S. to the public in an attempt to look smart, sell something, or over-complicate wealth management when people are simply seeking clarity.

Here are real, unfiltered opinions of what we believe all investors should be thinking about right now:

4. Don’t try to get even.

“Mental anchoring,” which is waiting for an investment to “get back to even” before selling it, is not a healthy investing behavior. We have heard it a million times: “As soon as it comes back up to where I bought it, I’ll dump it.” This mental anchoring can be a big mistake.

As they say in military planning, “Hope is not a course of action” and there is no assurance that it will ever recover. And there is opportunity cost associated with holding on for a recovery…and it’s missing out on investments that are better and increasing in value. If you start with $100,000 in a stock and it goes down $10,000, you should be agnostic over which security gets you back to even. In fact, there is a good argument to be made in taxable accounts to take the loss, buy a new security to get you back to even, and write off the $10,000 on your taxes against future capital gains.

Stick to the investment strategy and Investment Policy Statement that are part of any comprehensive Private Wealth Design and seek advice from an advisor who is well-versed in a wide variety of economic considerations and financial analysis.

5. Overconfidence can be dangerous.

75% of all drivers think they are better than the average driver. It’s called “overconfidence” and it’s a problem…mostly because people rarely stop to think about how it affects them. Overconfidence is a major issue when investing, because you become more willing to take on higher risk with your investments and your overall strategy.

Solid long-term strategies are key to avoiding mistakes due to overconfidence. Bull markets, such as the 10 years following the 2008 crisis, can lead to overconfidence. It’s important to be award of this very powerful emotion and understand that solid long-term strategies are key to avoiding mistakes dues to overconfidence.

6. Watch out for conflicts of interest.

Recognize that big Wall Street firms are in the business of, among other things, selling products to investors. Sales awards such as “Chairman’s Club” are a key indicator of the sales culture seen in the large firms. Remember that these firms have a responsibility to their shareholders…NOT THEIR CLIENTS! The pressure these firms put on their advisors to grow revenue is immense and can create powerful misalignments, so understand that the advice you get from their salespeople may not always be in your best interest.

The best advice for any investor is to keep asking questions about conflicts, fees, hidden charges, commissions and other incentives—just as you’ve always had to.

7. Never trust past performance.

Pay attention to the saying, “Past performance does not guarantee future results.” Reputable studies can easily be found online showing that investments which have outperformed their peers in the past generally do not outperform them in the future. It’s also illogical to assume that past performance can be used as any sort of reliable indicator for the future. Strong past performance is often a matter of chance and timing, especially over the shorter term.

The best two things to keep in mind here are to avoid trying to outsmart the market and to lower the chances of making a decision that could have a catastrophic result (for example, over-concentrating a portfolio in one company).

8. Higher yield typically goes hand in hand with higher risk.

If you want a higher yield, you are probably going to take on more risk. Remember the old adage, “There is no free lunch on Wall Street.” As with any investment, the higher the expected return, the higher the risk.

For example, if a stock pays out an annual cash dividend of 8% but the stock decreases in value by 10% over that year, you have a negative return. This does not mean that all stocks with high dividends are bad investments; it simply means you are taking on more risk. As with all things, moderation and awareness are key.

9. Always align your capital and expectations with your goals.

At Monument, we believe that your goals are the pillars of your Private Wealth Design, which in turn should drive your investment strategy. Period. We strongly caution against buying investments from anyone who does not have in-depth knowledge of your Private Wealth Design. A common example of this is insurance salespeople trying to sell insurance as an investment without fully understanding the insurable interest (if any) outlined in a Private Wealth Design.

Our opinion is that you can make good financial decisions only within the context of your goals, which are unique to you and you alone. Someone else’s portfolio, built for their specific goals, may not be the right fit for you. Remember, performance is relative…and we believe that performance should be benchmarked against the performance needed to achieve a Private Wealth Design’s calculated probability of success.

Anyone can say they want their portfolio to “make more”, but if that’s their metric for measuring the success of their portfolio, they will never feel secure…or satisfied. Beating the S&P 500 is not a real measure of success and in fact could raise your risk profile well beyond what is needed to achieve your goals.

To look at it another way, when driving down the highway, faster is not always better. If you have an appointment 65 miles away and you need to be there in an hour, 65mph works. Going 85mph doesn’t do anything except increase your chances for getting a ticket or into an accident. Find the right speed and set the cruise control—that’s what a Private Wealth Design should provide you.

10. Invest to create something of meaning and purpose.

Your wealth and potential for growth is much more than the sum of its parts. The point isn’t just to have it and watch it ride the market like a roller coaster, wondering what will happen. The point is to create something of meaning and purpose. That said, ask yourself these three questions:

• If you had unlimited money forever, how would you live your life?

• If you found out you will die suddenly eight years from today, would you change your current life? How?

• If you died tomorrow morning at 7:00am, what would you regret?