So, it’s February and we have already completed one month of 2016. My goodness, why is time moving so quickly? Now, I’m sure you’re wondering what I missed this week, right? The truth is that I missed buying an exchange traded fund, or ETF, at a cheap price. Don’t roll your eyes at this first world problem because when it comes to your money, acting swiftly on investment decisions will help you build wealth over time.
And, you can empathize with missing sale, albeit an airline flight or a winter coat. In my case, I had been eyeing the price of an energy ETF (Ticker: XLE) all last week so that I could buy it on the cheap. I think energy stocks will be a solid bet over the long-term. Things got so busy at work and while the ETF got down to $54.35, I did not buy it. The very next day, the ETF’s price was up big and I felt like I missed the boat.
Feeling like you’ve missed the boat on your investment decisions is completely NATURAL and expected, whether you’re buying an ETF, planning a date with a financial advisor, or rebalancing your 401k retirement plan. Here’s my tip…
Set Up an Appointment With Yourself
One of the best ways to increase your chances of executing on one of your investment “to dos” is to set up a calendar alert for yourself for successive days. I did this in the days following my own mishap, and….I bought my ETF. I did not buy it exactly at the cheapest price over the last week because it is hard to time the market, but I did get it near its 52-week low.
The key thing is to not get caught in the self-pity glut, but instead prepare to execute the next time an opportunity presents itself. Even the best money managers miss the boat on any given day. And, one of the reasons why they’re “the best” is because they get over their mistakes very, very quickly.
Share the Good News
Do you know someone who’s missed the train on an investment decision? Please send them this blog or leave a comment below on what you are doing to not miss the train.