There’s no quick and easy way to be a successful investor
We live in a world where almost every health concern imaginable can be quickly solved with medication. If you have a headache, you simply pop a couple of pills and before you know it, it’s disappeared.
If you watch television long enough you’ll see ads for a wide variety of health issues, some of which you’ve likely never heard of. But rest assured, there is a solution for your malady. Just be aware that there may be some serious side effects.
If you’re in the mood for a cup of coffee, you can buy one almost faster than you can brew one. There’s a coffee shop on just about every corner. And if not, most gasoline stations have a fresh cup just waiting for you.
If you have a trivia question about almost anything, you can get the answer immediately from your outboard brain, better known as a mobile phone. After all, who knows the capital of Honduras without looking it up?
On vacation somewhere exciting? You no longer have to wait to get home to share the experience with friends and family. Your photo/video from the top of the mountain can now be shown to the world while you’re still on the way down.
If you want something these days, whether it’s a product, service or just some trivial information, there’s a good chance you can get it immediately. Or have it on your doorstep the next day.
Without a doubt, everyone is tired of the situation created by the pandemic. We all want things to get back to normal. And that includes our financial wellbeing.
Fortunately, investing is an ongoing, long-term process. And I don’t consider long term to be a week, a month or even a year. Long term in my investing dictionary means at least three years.
That’s why, in this environment of quick and easy solutions, I have some concerns. Two of them are at the forefront.
First, I fear that far too many people believe the vaccine will quickly get us back to normal. Even if we get the herd immunity medical experts suggest, I don’t think that’s the case. I believe we’re still a long way from the normal we once knew.
Tens of thousands of loved ones and jobs have been lost and so much has changed so quickly I’m afraid our lives will always be different than they were pre-COVID. Two shots a few weeks apart will help with the virus, but who can say it will bring back our way of life?
My second concern is on-line betting. In years past if you wanted to gamble, you went to Vegas. Then casinos opened locally and you could get to one on less than a tank of gas. Now, anyone with a mobile phone can gamble.
You can play casino games or bet on sporting events; so many ways to lose real money in real time, all from the comfort of your home.
I continue to believe that a financial plan with a solid investment strategy is the best way to pursue long-term goals. There will be peaks and valleys and surprises along the way. But in the end, with patience, you’ll have a nest egg to help get you through this ever-changing world.
By the way, it’s Tegucigalpa.
