Warren Buffet is quoted as saying, “Our favorite holding period is forever.” Of course, if you follow Mr. Buffet, you know that he does sell from time to time. However, it is fair to say that for the average person, Mr. Buffet would recommend having a long-term investment time frame by using a buy and hold strategy.
Do you max out? I’m not talking about fitness here; I’m talking about your 401K. In my case, I’m talking about a Thrift Saving Plan (TSP), which is the Federal Government’s equivalent. Many of my colleagues openly talk about how they choose to put the maximum amount of money into their TSP. For me, it has become easy to assume that this is just a normal thing for people to do.
As a busy professional with a lot of responsibilities it seems as if the list of chores is never ending. Everyone has only twenty-four hours. From twenty-four hours, subtract time for sleep, work, our commute, and we are left with only a handful of hours to be productive with personal pursuits or additional activities we enjoy.
It is well known that in order to achieve success you have to be consistent. Being consistent will put you on a path to personal growth and hitting your goals. In today’s post I would like to discuss the importance of not just consistency but how frequency plays a critical part.
It is bound to happen sooner or later. Actually, some may say that it is kind of weird that it hasn’t already occurred. Knowing that a stock market correction will happen is one thing. Knowing when it will happen is a completely different thing. So, what will happen when the market tanks?
We live in a world full of distractions. It’s a part of life. Add in self-imposed distractions such as a smart phone and it’s even worse. There are consequences to all of these distractions. The ability to perform more meaningful and thoughtful work is nearly impossible while being distracted all of the time.
The road to financial excellence doesn’t happen overnight. At least not for most people. And certainly not for this guy. Progress is made by continuously achieving small victories. Over time, you can achieve a large goal. That progress can sometimes feel painfully slow, but it’s amazing how time goes by, and by tracking progress you can start to see your results.
Hoping for a big inheritance is kind of like playing the lottery game. You know, the game you play where you ask what you would do if you won the big pay day. It can be a fun game to play – letting your imagination run wild just thinking about what you would do with all that money.