“The road to mediocrity is paved with good intentions.”
I’m paraphrasing another quote here, but this one certainly rings home for me right now.
I am an idea guy. I love brainstorms. I thrive on the new and the fresh and the untested. Getting things started is my passion.
The real challenge for me, as for many others, is the follow through. Setting goals is easy. Actually following through on those goals by building a routine of good habits? That’s the toughest part.
I’ve spent years and years trying to improve on my execution. I’ve experimented with all sorts of planning systems before settling in with the organizational system I use today. (Author’s note: that’s not 100% true because I’m pretty sure that on my deathbed I will still be tinkering with my planning system.)
I’ve also found that surrounding myself with organized people is always a good idea. This is why I married a very organized accountant (who also happens to be an amazing woman).
This is also why I recently hired a very organized and very capable assistant. You may notice that my blog posts and YouTube videos start to appear more consistently than before. My assistant is definitely the main reason why this will be the case.
Having weaknesses is ok. We all have weaknesses. Recognizing our weaknesses and doing nothing to address them? That’s less ok.
What are your weaknesses as an investor?
I know. I’m sure you’re an incredible investor with an unmatchable track record and a rock-solid investment process.
But seriously, what could you be doing better? There’s a reason why 12-step programs begin with admitting you have a problem. By recognizing there is an issue, you’re able to start addressing that issue.
I work with many investors, especially financial advisors, to help develop better routines. At the beginning, we talk through the entire investment process, from gathering information to developing an investment thesis to portfolio construction to reviewing process and performance.
I often find that one or two of the above items is in very good shape. I also find that one or two of them are in dire need of an upgrade.
If you think through your own investment process, how would you rate your current setup for each of the four steps listed above? For whichever step you rated yourself the lowest, what small incremental improvement could you make this week?
RR#6,
Dave
Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. Please see the Disclaimer page for full details.