OK, imagine you have a pile of cash. What are you going to invest in today? What are your objectives with this money? Will you need it for the purchase of a home down the road? Or for living expenses? Are you in debt?
These are just a few questions to get you thinking about investing your cash. As you know from Richard C. Young’s Intelligence Report, inertia is a mighty foe. You don’t want to be in the business of saying to yourself or, worse, to your spouse, “I should have done that.” By that time, it’s too late.
On the flip side, once you’re invested and have set sail with your plan, it’s hard to do nothing as waves crash over the bow. As Dick Young would write, successful investing is about diversification and patience, built on a foundation of value and compound interest. Two of those four, patience and compound interest, require t-i-m-e. If you’re not in the boat, so to speak, you’re wasting time on the beach.
But can you handle the storms? Are you the character sailing the boat, wind and rain beating down on you? Are you getting through tough times—getting through the challenging times that life throws at you, or are you giving up? Because character separates the good investors from the bad. It’s less about price moves in markets. It’s more about how they move you.
A wise man once said, “Don’t just do something, stand there.” The sun will come out; it just might not be tomorrow. But that’s OK.
Beat inertia, put time on your side, and stand up straight. Easy to write. Harder to do.
Action Line: When you’re ready to craft your investment plan, let’s talk.
Originally posted on Your Survival Guy.
