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Do you ever find yourself thinking, if what goes up must come down, whatever happens to things that just go down?
Do you find yourself preoccupied with your financial future?
Do you find yourself thinking, "If Venus asks me another question, I'll scream"?
If you're reading this column, you're most likely among the 46% of Internet users who think about their personal financial future on a daily basis, according to a recent study done by American Century Investments. Daily basis? Hmmm... perhaps this investing thing is consuming too much of your life.
Don't worry, Foolish friends, because I'm about to give you some really good advice.
The advice column was invented a little more than 100 years ago by Dorothy Dix, who had an audience of 60 million readers. Her most famous column, Dictates for a Happy Life, continues to be relevant in today's world. Which just goes to show you -- the keys to happiness are timeless, and more valuable than the keys to any city.
In homage to Ms. Dix's 10 Dictates, I offer you my "10 Dictates for a Happy Investing Life," which will help bring balance to your frenzied life if you're spending more time worrying about your financial future than planning your next vacation.
10 Dictates for a Happy Investing Life
Worrying saps our vital energy and distracts us from enjoying our lives. If investing can't help us enjoy our lives, what's the point of doing it?
And laugh at our mistakes, I will add. Hey, it's only money.
It may sound corny or obvious, but the above advice really can help you have a happier investing life, and it can help make you a happier person as well. As Dorothy says, "Happiness is largely a matter of self-hypnotism. You can think yourself happy or you can think yourself miserable. It is up to you."
The Foolish Four Advice Series:
If you are what you eat (which is sad when you consider that some folks fill themselves up with bologna), it's even more likely that you are what you think. Metaphysicists teach that "thought is creative." If your mind is filled with positive thoughts, you will act positively. And vice versa.
As Ann Coleman wrote in Friday's column, every investor makes mistakes -- Peter Lynch, Warren Buffet, and Tom and David Gardner are all on record as having erred many times during their investing careers. When we use our investing errors as learning experiences, we may avoid making similar mistakes in the future. As Dorothy Dix says, "You're not everything you want and things are not just right. Nobody is that lucky."
I've recently realized that my mood is often affected by the direction of the market. (And with the way the market's been going this year, my friends and family have been avoiding me!) Investing is a way to improve the quality of your life. It is NOT your life. Only by focusing on the wonders around you can you be a happy and fulfilled person. Nobody ever said, "Slow down and smell the financial pages."
Everybody wants to get into the act, but it's your act. Listen to the comments everyone offers, but don't be unduly influenced by any one person. After all, it's you who will ultimately have to live with the results of your decisions.
Ms. Dix writes, "There are none of us who have not lain awake at night petrified with dread of some calamity that we feared might befall us and that we felt would shatter our lives if it should occur." Does the Foolish Four technique really work? Will Microsoft prevail on appeal? Should I buy, sell, or hold <stock of your choice>?
If you spend your life in front of your computer or an Excel spreadsheet, you may become educated at the risk of becoming antisocial. Meeting new people, traveling, and sharing conversation with non-virtual friends are all ways of enjoying your life. You may even learn about new industries and up-and-coming technologies or just get some support for the challenges of your investing journeys. But more important, staying active will help you to stay cheerful.
In "My Way," Frank Sinatra sings, "Mistakes, I've made a few, but then again, too few to mention." Mentioning and focusing on past mistakes is a way of keeping them alive. As we've already discovered, the biggest value in mistakes is learning from them for your future actions. As Ms. Dix says, in an apparent variation of Lady Macbeth's words, "What is done is done and cannot be changed, but you can have your whole future life in which to make good."
Help others around you to take control of their finances. There are rich rewards in sharing your knowledge, whether by answering questions for beginners, or helping your loved ones navigate their financial minefields. It doesn't take much time, and the rewards are fantastic. If you're already helping others, you know what I mean. If you think you don't know enough... think again. By reaching out and touching someone, you will not only respond to an advertising campaign, you will also find inspiration and satisfaction.
This is straight from Ms. Dix. I couldn't say it better.
"Don't think that everything that happens to you is of world-shaking importance and that somehow you should have been protected from the misfortunes that befall other people.... We are never happy until we learn to laugh at ourselves."
The best financial plan in the world won't get you anywhere while it is still just a plan. Don't be paralyzed into inaction. You don't have to jump in and put your entire life savings into Internet stocks, but getting started is the only way you will ever get anywhere.