4. Being responsible to those you love. That includes a number of things, such as wills and trusts, durable power of attorney, life insurance, long-term care insurance, and estate planning using a revocable living trust. A revocable living trust is a document that states who controls your assets while you are alive and what will happen to them after you are gone.
5. Being respectful of yourself and your money.
6. Trusting yourself more than you trust others. She discusses an example of a client buying stock, IBM, and it went from $85, to $40, to $120. Some clients lost, some clients made money. She also discusses another stock example, $6, to $12, to $4. She goes into a discussion that it was the attitude with which the client went into an investment that helped to determine whether he or she would make money or lose money and stated that there are good investments and bad investments, but however solid the investment, the investor has to be solidly behind his or her investment as well. Did she make any of her clients rich? I dont see any examples of that.
If the clients are rich already, they dont need to make money from the stock market. Thats the difference when you have wealth. Also, there is only one reason to buy a stock; you are betting others will be willing to pay more for it. So while the clients attitude changed as the stock went up or down, it was due to the fact that her clients had no protection, the stock purchases werent hedged, so of course if the stock price goes down the client will have some concern and be tempted to sell. If the client was properly protected it takes the pressure off, but without a system to manage the uncertainty of price changes, youre likely to be stuck in an uncomfortable situation with an investment that you bought at a higher price now being offered in the market at a much lower price.