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.
Get Smart in 60 Seconds: Do What Warren Buffett Does, Not 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.
1 Trend That Could Impact Your Portfolio in 2020
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.
2 Big Mistakes You Don’t Want to Make In 2020
We’re putting the final touches on our product. Stay tuned for more. It’s gonna be exciting.
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