Earlier this week, I had an interesting discussion with a new client about the definition of “Risk”.

Two very fundamental aspects of my industry – Wealth and Risk - are defined differently by each and every person and it’s because of these subjective definitions that a proper understanding of expectations is outlined early.

Our idea of risk and wealth is skewed by the media and what our friends, family and colleagues define it as. It’s almost as if we are willing to go outside of our comfort zone by putting a costume on to follow the latest investment or style trend – but if you aren’t being true to your personal budget or investor profile, you may regret buying those shoes that look great (but that you didn’t really need) or buying the latest tech IPO because your kids thought Facebook was cool (but you couldn’t handle the volatility of a much-hyped initial public offering that tanked almost immediately).

This is exactly why it’s imperative to have a written Investment Policy Statement and written Financial Plan with your investment advisor. These documents require a thorough understanding of your wealth and your investor profile (tolerance for risk) so that your plan reflects your unique objectives and more importantly, gives you the confidence to act in your own long-term best interests, rather than simply reacting to a volatile short-term environment driven by emotion and media.

Costumes that you might not regret are the kind you wear on Halloween – which is now less than a week away. The best costumes are the clever ones that make you laugh-out-loud. Check out a neat video collection of 17 clever costumes here– my fav is the guy with 50 shades of paint-chip grays taped to his shirt. I still haven't decided if I am dressing up this year....or have I?? Stay tuned...

Also, if you are buying candy for the kids (or for yourself) this weekend, you may find the following interesting: According to 24/7, the top selling candy brands for the scary night in the U.S., ranked from #10 to #1 are - Almond Joy, Milky Way, Cookies 'n Crème, 3 Musketeers, Twix 4-to-go, Kit Kat, Hershey's, Snickers, M&Ms and Reese's pieces. In Canada, the top selling candies are (according to Readers' Digest) Gobstoppers, Nerds, Popeye Candy Sticks, Fun Dip, Snickers, Reese's peanut butter cups, Whoppers, Junior Mints, Hershey's and Tootsie Rolls.

Oh, and while we’re on the topic of upcoming holidays, I heard on the radio this morning that Christmas is exactly 60 days away now ...

Enjoy the weekend.

D.

Dian Chaaban

Investment & Wealth Advisor

Chaaban Wealth Management Group

416.842.4234