In recent weeks we’ve covered behavioural finance from various angles. But we haven’t yet covered off some practical steps to save ourselves from ourselves; strategies for making good investment decisions. So that’s our mission today – stay tuned for some easily applicable tips and tricks to stay safe in the big bad world of investing.
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In this session you will discover:
- What influences the key decisions we make
- Why predicting the future is a mug's game
- Why even the experts get investing decisions wrong. A lot.
- Why making decisions based on the news is pointless
- How to create a decision-making framework before the decisions have to be made
- How to limit your news intake
- Why knowing the asset allocation of your portfolio can lead to internal peace
- How to focus on the long term plan
- The best resource for self-education about investing
[Tweet “Put in place a framework for making financial decisions, BEFORE you have to make them”]
Making good decisions is all about keeping your eyes on the reasons why and putting a framework around yourself to make it easier to make good decisions in the moment, or to defer those decisions until the heat of that moment has passed. I hope the suggestions in this session are helpful.
For a full transcript, click the button below.
Join the conversation
I love to read and respond to your comments, so please do join in and share: Question: Have you ever made a silly investment mistake? How will you react differently next time?
Interview with Doug Goldstein last week in session 117
Podcast about How to talk to your partner about money – session 55
Podcast about Asset Allocation – session 105
Book – Smarter Investing by Tim Hale (Amazon affiliate link)
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My thanks to Andybiscuits, Hypersaver and Chiny91 for their reviews this week – much appreciated!
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