Stop Talking About Tactics!
We are obsessed with financial tactics. We think if we can learn and complete the right tactics, we will have success, and we ignore that which matters most.
Tactics (Not) to Talk About
Tactics we obsess over include (but are not limited to):
We cannot control most of these. Of those we have a choice in, there is a diminishing return in digging deeper after we have identified the best set. So why do we continue to talk about them?
Elements to Explore
We don’t spend nearly enough time exploring these factors:
Your behavior flows from your mindset. You would be better off reading a psychology book than a finance book. Having the correct mindset about finances is far more impactful than a bunch of book (or trivia) knowledge about it that never gets implemented.
Nothing gets done without the correct behavior. Personal Finance is 2% knowledge and 98% what you do with that knowledge over long periods.
Faulty Focus on Tactics
Focusing on tactics instead of mindset and behavior is akin to debating the best method of travel before you know where you’re going or when. Why do we spend hours researching and arguing whether a plane, train, or automobile is better if we don’t even know where we’re going yet?
Let’s reexamine our focus at RetireMentorship.
Increase Your Knowledge
Isn’t this talking about tactics? I hope not. Send me a rebuke if we ever get too far into tactics. We aim to increase your knowledge about strategies and concepts, not tactics. We aim to increase your knowledge about the true drivers of success, not debatable tactics.
Build Your Belief
You must believe in order to act. You must believe in order not to act if not acting is the very thing you must do. They say it takes between 7-10 times hearing the same message before you will believe it enough to act. That’s why we get repetitive around here.
Inspire Your Action
We want to inspire you to act! Not by endlessly debating tactics, but by constantly reinforcing strategies. What business do you have researching investment betas if you’re only contributing the minimum to your 401(k)? Why debate CD interest rates when you have $6,000 in credit card debt? Stop talking tactics if you haven’t mastered the behaviors.
Behaviors Beat Tactics
Tactics matter. But only once. Once you are in the top tier of tactics, you stop thinking about them. There are more important issues.
Stay focused on what matters. Stay focused on what you can influence. Don’t get sucked into debates and research useless information. A good plan perfectly executed is better than a perfect plan completely botched.
Tune in to the Podcast Episode for a more nuanced discussion.
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This article is educational only and is not intended to be investment, legal, or tax advice or recommendations, whether direct or incidental. Again, this is not investment advice. Consult your financial, tax, and legal professionals for specific advice related to your specific situation. Never take investment advice from someone who doesn’t know you and your specific situation. All opinions expressed in this article are the opinions of the people expressing them. Any performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be directly invested in.
