How many times do we say to our children “don’t do that”?
Overwhelmingly we focus on the “don’t” versus the “do”.
I want to share with you a do that is important in your investing and your financial life.
It’s something you can do immediately and change how you approach investing (for the better) and it is deceptively simple.
Turn down the noise in your life, especially the short-term noise.
We are being bombarded by the news – both real and fake!
Attack of the APPS
Every app that you have on your smartphone wants to send you notifications. I recently updated my iPhone to IOS 11 and over the next 24 hours I was overwhelmed with the notifications coming in.
At first, I ignored them, then the constant notifications became a nuisance and I acted.
I turned every notification OFF. I turned down the volume of interruptions in my life and I love it.
Why is this the problem?
Human behavior studies show that the more things competing for your attention, the harder it is for you to figure out what matters. You’re consuming everything in one big fur ball.
What’s the IMPACT of all the news you now get through your smartphone and social media? (Side thought – is my smartphone making me smarter or dumber?)
Short-term interruptions make us less able to focus on the activities we are on and the long-term results. Even old news can spur our emotional response and impacts our financial and investing behavior.
What is really news today? Can you filter out the fake news and the info stories that invade your news stream?
Are you reading and watching the doomsday news in the never-ending 24-hour news cycle? What do you think it does to your ability to think long-term about your financial life and investing?
Am I telling you to throw your smartphone out the window and await the daily newspaper? No, I am not.
I am saying that you need to be selective in what you consume.
While I do believe it is important to stay abreast of current events, do you really need to act on every piece of news you consume immediately?
Take Action – These are My 2 Steps
- Turn off the notifications on your smartphone and take control of your life.
- Turn down the volume on your social media. How?
If you have friends that are constantly filling your Facebook feed as keyboard warriors then Unfollow them. No, I did not say unfriend. Unfollow takes them out of your news feed and you can eliminate their constant impact on your enjoyment.
I want to hear your thoughts—do you think reading too much financial news without any filter impacts your thinking?
Michael Tannery CPA, CDFA® AIF®
Be A Financial Olympian