Part 4: Strategy or How the heck do I get to Financial Freedom?
4.1 Take Responsibility for Your Investing
What is the first step to investing successfully? Have you taken it? Do you feel in control of how your money is invested? Or have you fallen for the ‘leave it to the experts’ marketing narrative? Or have you convinced yourself that you are doing the best under the circumstances? How can you do this differently, better?
Whatever happens to your money, whether it grows, how much, how fast or you lose it completely, you are affected by it. And unless someone robs it from you by threatening your life you are responsible for it. Period. However, as strange as it sounds most people don’t take responsibility for their money, their investing.
Why? Because, in investing, things go awry and it makes you look and feel foolish, inadequate, ignorant, a bumbling idiot many times, far more often than your wife reminds you.
Given this reality, you could easily get into a mindset that leads you to look at ‘false’ solutions. The reason why so many fall for inadequate investing solutions is because it gives the comfortable feeling that you have done what you could and now it’s out of your hands. It is either in the hands of the ‘expert’ to whom you have transferred all decision-making powers or the market which anyway no one can predict let alone control. So, you hope it all works out while feeling good that you have taken the best action under the circumstances. But Hope is not a Strategy!
If you are at the other end of the spectrum you don’t invest in anything that gives...........Read More
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