The new year is a time for new resolutions.
Everyone wants to do better at something. Some will resolve to save more and to invest more. And to put more towards their retirement fund. Others will resolve to eat healthier. To get out and exercise more.
And the list goes on and on …
In whatever we choose, we are trying to be better in the new year. That’s a great goal. But doing more may not be enough.
If we really want to improve, we have to be more deliberate in what we do.
A Fortune article captured what it takes to be truly great at what we do, a term that it calls deliberate practice. The author used an analogy on golf to get his point across:
“Simply hitting a bucket of balls is not deliberate practice, which is why most golfers don’t get better.
Hitting an eight-iron 300 times with a goal of leaving the ball within 20 feet of the pin 80 percent of the time, continually observing results and making appropriate adjustments …
… and doing that for hours every day – that’s deliberate practice.”
So, you see, it’s not a matter of doing more.
Instead, it’s about zooming into the problem area that we want to improve and be laser-focused on improving our performance in that area.
Similarly, looking at stock prices more will not help you become a better investor.
Checking how much your wealth has grown does not increase your analytical skills.
But focusing on a key area that you want to improve in investing, whether it is about reading financial statements or being better at portfolio management, is a worthy goal.
And as we get started with 2020, we’d like to help you be a better, richer investor. We’ll be launching different types of content; some paid, some free, to help you do just that.
So stay tuned start with some free content.
Chin Hui Leong started a new series this week. In his latest Get Smart in 60 seconds series, he captures why we should learn from what Warren Buffett does, and not just from what he says.
Meanwhile, Royston Yang dives deep into an impending change that is about to happen in the banking sector. In short, the local banking scene is about to get crowded with new upstarts.
Editor’s note: be sure to download our investing report “5 Trends That Could Impact Your Portfolio in 2020” to help kick start a new decade. Download it for FREE here.
Knowing what not to do can be as important as knowing what to do. Royston Yang cautions investors against two potential mistakes they might make as the new year rolls in.
We’re putting the final touches on our product. Stay tuned for more. It’s gonna be exciting.
Get more stock updates on our Facebook page. Click here to like and follow us on Facebook.
The Smart Investor is not licensed or otherwise regulated by the Monetary Authority of Singapore, and in particular, is not licensed or regulated to carry on business in providing any financial advisory service. Accordingly, any information provided on this site is meant purely for informational and investor educational purposes and should not be relied upon as financial advice. No information is presented with the intention to induce any reader to buy, sell, or hold a particular investment product or class of investment products. Rather, the information is presented for the purpose and intentions of educating readers on matters relating to financial literacy and investor education. Accordingly, any statement of opinion on this site is wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader. The Smart Investor does not recommend any particular course of action in relation to any investment product or class of investment products. Readers are encouraged to exercise their own judgment and have regard to their own personal needs and circumstances before making any investment decision, and not rely on any statement of opinion that may be found on this site.
Please refer to the individual articles for stock ownership disclosures.