An investment policy statement will serve as this voice of reason when you're tempted to invest

in risky or currently trending investments. Welcome to the Stay Wealthy podcast. Thank you so much

for joining me today. I've got a great show for you today. We are talking about investment policy statements.

Sometimes people refer to these as an IPS for short, but these are really, really important documents

that anyone who's investing their money in the markets should have in place. And most people

don't have them. So I want to talk a little bit more about that today, what they are, how to build one, how to put one in place. But first, I want to share a story with you. I have a car that's about 10 years old and I haven't really done much with it. I kind of just, you know, changed the oil and, and that's really about it. I don't

really drive a whole lot, so it doesn't require a whole lot of maintenance, but, you know,

it's been 10 years. And, and so the other week, I decided, you know what, I'm just going to take this thing into the mechanic and just have them kind of fix some stuff up and bring it up to speed. I'm not a car guy, so I'm not speaking car language here, but, you know, I just thought it was

time to, you know, make some improvements and get my car back up to speed. So, you know, I searched around on Yelp. I found what looked like a pretty good mechanic in my area, brought my car down to him, said, hey, you know, here's my car. I haven't really done much to it for a long time. I'd love for you to just fix it up and put some things back together and make sure I'm good to go for the next several years. And he said, great, you know, we've been here for 30 years. I know you found us in Yelp. You've read all these great reviews. We're a family-oriented business. We'll take good care of you. Don't worry about it. So I said, great. gave him my keys and and that was that i came back a few

days later picked up my car and he goes hey we we did such a great job for you we did all these

things your car you're good to go for a long time we you know we changed the oil we replaced all the

fluids we put brand new tires on there we We painted the car. We polished the leather.

I'm like, you did what? You put new tires on my car and you painted my car. I didn't ask for you

to paint my car. I said, well, you said that you wanted us to fix it up and bring it up to speed.

And the paint was starting to chip. and, you know, we wanted to,

you know, make it look good again. And I said, I didn't agree to any of this. You know,

you showed me the quote and it was thousands of dollars and, man, I was just really beating

myself up over this. And you might be scratching your head right now wondering, how could Taylor

make such a careless

mistake like everybody knows that when you go to a mechanic you you get a detailed quote and you

agree to the scope of work first you know before you do any of this stuff and and you're right

this didn't really happen none of this happened but this is a hypothetical story, and it's a good example of

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