01-19-2016 - Laws of Life & Investing 101
We are a couple of weeks into the New Year. I love the concept of goal-setting for the New Year -- as well as hearing everyone's reaction to New Years' resolutions!! Some people refuse to set goals (so that they don't despair when they inevitably break them), others set goals and at least try to recalibrate an area in their life. Others use this season to make up some great procrastination and "non-goal-setting" jokes!!
I hope that whichever route you take on that, you are enjoying your new year!
Laws of Life
In our region, there has been a scholarship contest called "Laws of Life" where students write an essay about the laws and morals they live by. Morals such as honesty, self-discipline, and kindness are highlighted. Often students will tell stories from their lives or their parents' or grandparents' lives that tell about how these traits helped them overcome adversity.
I mention this contest because it might not be a bad exercise for adults. What laws of life are you governed by? What premise or set of mores is your life based upon? Would you benefit from taking some time to put your thoughts on paper?
There are benefits of actually writing out your laws of life. It forces you to wrestle with your motivations and your "hills to die on." It makes you stop and focus on whether you really live the way you 'say' you live. And, once written, it is a great gift to your family and an opportunity to leave a legacy.
On my "One Note" app, I keep a list of Core Values. Whenever I stop and think about something that matters to me (at a foundational level) or whenever I am confronted with an inconsistency in my life, I jot down what my core value is -- and why. I haven't crossed over to writing an actual essay (yet!) but I am trying to think about what I stand for.
What are your "Laws of Life"?
Investing 101
In investing, we realize that not every client is the same. Some of the reasons that each investor is different include:
* Time horizon for your investment
* Income needs
* Familiar investment vehicles
* Taxation concerns
* Trading Styles
* and especially your personal investment goals & Risk Tolerance
When it comes to investing, you should not follow what everyone else is doing. Invest to meet your goals and needs.