Wise Words Of Advice

Financial experts offer advice about volatile Wall Street

Don’t panic. 

Those are the words of advice from Napa’s finance professionals as their clients and customers watched the Dow Jones Industrial Average whiplash up and down this week and the U.S. credit rating was downgraded.

Financial advisers like John Mills of Mills Wealth Management and Chal Daniels of Harvest Financial Group have been busy on the phones, counseling their clients on their investment portfolios.  

Mills said his firm has a contingency plan for when the market takes a nosedive as it did on Monday and Wednesday. 

“We are moving some investments to precious metals and gold and occasionally shorting the market” to make money in a downturn, Mills said. “Clients in retirement can’t afford to have these massive swings in the market,” he noted. 

“I think what we’re seeing is a market correction,” said Tom LeMasters, president and CEO of Bank of Napa. “The significant issue is the debt our nation is carrying. That’s the wild card, and unless we come up with a plan to reduce that debt, there is going to be uncertainty.”

Daniels said logical thinking is critical. “Think through what you are going to do and when you are going to need the money,” he said. “The worst thing you can do is panic and sell everything.” 

Mills had this advice for investors: “Put a plan in place and stay diversified in your investments. Perhaps reduce some of the stocks. Consider gold. And don’t panic.”

LeMasters said consumers should try to reduce debt. “We need to be a nation of savers,” he said. 

Choosing with whom to invest is another important issue, LeMasters said. “It’s always wise to make sure the financial institutions you are working with are strong and well-capitalized. I think consumers need to do their homework to make sure they are working with a safe and sound institution,” he said. 

Daniels sees the current economic strife as different than in 2008. Today’s consumer confidence is shaken by Washington politics, he said. 

“We need to see leadership from our government that says, ‘Here is how we will move the nation forward,’” he said.

Just like a consumer who continues to spend money after his or her checking account is empty, “for the government to continue to spend money without revenues is not realistic,” Daniels said. 

A decline in consumer confidence hurts the stock market, Daniels said. Until this week, he said he thought the Dow might reach 14,000 later his year, “but now I’m re-evaluating that.  We don’t have the confidence to move things forward. To get to 14,000 is probably going to take another election cycle,” he said.

ThinkKC blog » An intern's words of advice

Before I pack up my desk and head back to school, I want to leave future KC SmartPort interns with some words of advice. I bet you are thinking you already know how this blog is going to turn out because the word “intern” is in the title. If you are assuming I am going to say, “Start off every day by picking up your boss’ dry cleaning, and retrieve the coffee last, this way it stays warm,” keep reading. That is not at all how my internship experience went. My summer as a KC SmartPort intern kept me busy to say the least. I gained knowledge that I feel that I should pass on to those who will walk where I have been. So here are my top ten imperative guidelines for future interns at KC SmartPort:

1.)    Accept constructive criticism

Your co-workers know what they are talking about; they have been there and done that- probably numerous times, too! Coming out of college, it is easy to assume you know what’s best, but accepting that you don’t know it all can change your experience for the better. Respect from your co-workers is critical, and you can gain that respect by listening to the constructive criticism they offer you.

2.)    Ask questions when you are given projects

You may think you know what you are doing, but every office has a different approach and routine to accomplish tasks. Believe me, it is better to ask if you have any doubts about anything. No question is a bad one, and if you don’t ask, be prepared to do your work twice.

3.)    Get acquainted with other interns

This is very important. Let down your guard and stop thinking that the other interns are your rivals. Instead, look at them as your friends and support; chances are they share the same worries as you.  Making friends, and being comfortable talking to my co-workers was extremely important to me. I couldn’t be myself when I was uncomfortable in my surroundings.

4.)    Do not procrastinate your intern projects

Seriously, don’t. Projects that are to be completed by the end of the summer sneak up on you and are due before you know it. It may have been okay in college to wait until the last minute to write a paper, but there will be no extensions in the “real world.”

5.)    Do not be afraid to grasp any opportunities that bring change

Attend every event you are invited to. It is surprising who you will meet, and what you may learn in one hour. After the countless college networking events and seminars “preparing you for the workforce” I attended, I still hadn’t found the assurance I was searching for. It was a whole new experience to go to events with my boss. I had the confidence I needed to interact with employers, and they were more willing to keep in contact.

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