Day #5: Tired of seeing your 401k turn into a 201k...
Tired of seeing your 401k turn into a 201k...
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Friday, May 20th 2022
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Domain:
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BUSINESS
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Life lesson:
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God grant me the SERENITY to ACCEPT the things I can not change COURAGE to change the things I can and the WISDOM to know the difference.
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Core idea:
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Who's selling in this market causing this volatility?
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And where is the money going?
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Fact #1:
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PCP
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PCP-Pause Breath Proceed
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They want us to do something
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Noise brings distress
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Noise makes us proceed under duress which almost always brings pain
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Fact #2:
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SHORT TERM AND LONG TERM MONEY
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Separate short term money from long-term money
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My mother taught me those who play because of need lose by obligation
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Fact #3:
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Manage the team that manages your investments, not the investments
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Build a team
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Don't try to go at it on your own.
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Don't be your own attorney
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Don't be your own doctor
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Don't be your own pharmacist
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Or Therapist
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Fact #4:
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MISTAKES l PAY l COURSE CORRECT
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Expect to pay and expect to make mistakes
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Don't beat yourself if you make mistakes
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Mistakes will happen.
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Work the team
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Like a football coach, if a player is not doing their job, study the problem and do an analysis
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Course correction when necessary
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Action:
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Shoot podcast
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