I'd just like to point out that over analyzing can be a lot of fun sometimes!
Mike
Matt Wolfe
· 1 year ago
I think the real trick is actually forgetting about your investments. You've got to invest the money and avoid checking the ticker every day. You will drive yourself crazy. I think the biggest problem that new investors have is to watch their investments every hour. This type of thing leads to panic selling and making bad decisions. Ignore the prices on a day to day basis and ignore the media that tries to time the market and explain when the market is going up or down.
Mrs. Micah
· 1 year ago
Over-analysis can be fun, but it can also lead to inaction, which is the bad part.
Steve (Brip Blap)
· 1 year ago
Oh, trust me, I am King of the Overanalyzers, and you are right Mrs. Micah - it does lead to inaction. I agree with you, Mike, I love to settle down with a nice Excel spreadsheet and come up with 38 different scenarios for everything I do, but I do it far too much. It's a helpful skill if you're writing a blog, though :)
Matt, I couldn't agree more. Investing, especially at first, is definitely not any easier if you sit there palpitating every time the market goes up 1% or down 1%. Ignorance is sometimes bliss...
bubelah
· 1 year ago
I am one of those people who cannot help but check my investments almost every day. It's obsessive. It does drive me crazy. I should make a habit to check it once a month, then move to once every six months, etc....
JimB
· 1 year ago
Steve
Great post - glad to see you advocating keeping things simple. I agree that until you get into hefty savings and investments over engineering strategy is pointless. Cutting out a few expensive dinners and socking away the cash somewhere will have more impact than splitting hairs over different accounts.
Mark Runta
· 1 year ago
Don't forget to invest in some financial education (books, blogs etc.). By the time you get to step 4 you will need some financial savvy to make smart choices.
Steve (Brip Blap)
· 1 year ago
JimB: couldn't agree more. At first the key is to cut costs and save. If you're debating investing in Citibank versus Bank of America at that point, you're wasting your effort.
Mark: You just wrote step 3.5. You're right, getting educated before getting fancy with more sophisticated investing is critical.
buyraregoldcoins
· 8 months ago
I am one of those people as well, check my investments often, even though i have a long term strategy. It gives me piece of mind to know what is happening in the markets, even if they are bad, and then I always know when there are good buying opportunities.
All Comments
I'd just like to point out that over analyzing can be a lot of fun sometimes!
Mike
Matt, I couldn't agree more. Investing, especially at first, is definitely not any easier if you sit there palpitating every time the market goes up 1% or down 1%. Ignorance is sometimes bliss...
Great post - glad to see you advocating keeping things simple. I agree that until you get into hefty savings and investments over engineering strategy is pointless. Cutting out a few expensive dinners and socking away the cash somewhere will have more impact than splitting hairs over different accounts.
Mark: You just wrote step 3.5. You're right, getting educated before getting fancy with more sophisticated investing is critical.