ICYMI How to please the future you by taking investing actions today
Against the grain: I finally did what I promised myself I would. I had read for years about buying when stocks are down and everyone is scared, but had never been able to do it. I used my bonus in 2022 to add to my portfolio when the markets were looking ugly. I actually did it twice. The first purchase was about two months and 10 per cent too early. The second was near the bottom. Both worked out well.
Lingering problems: I procrastinated for years to deal with some nagging issues. I wasn’t paying myself enough and was paying my adviser too much . And I was too heavily invested in my former favourites: gold, real estate investment trusts, cannabis and the Ark Innovation Fund. Having a plan forced me to deal with them.Article contentI promised my adviser I’d read a Warren Buffett book, but I haven’t finished it yet.
Hopefully, your review will be this positive in three years. If it is, the self-congratulations should be about process and routine, not short-term results. That’s because being a disciplined investor is a challenge. The task goes on longer than anything you’ll ever do. There are lots of distractions to take you off course, and, of course, the outcome is always uncertain.
Having a disciplined process helps you deal with the short-term noise and focus on the things you can control: how much you’re saving; your long-term asset mix; and what you’re paying to invest. These things are more important than being a brilliant stock picker or market timer, and way easier.
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