Shark Attack and Repellent #9
Our next Shark Attack is concerned about timing the market and picking investments based solely on prices and immediate past returns. Find out what the repellent for this latest shark attack in one click.
Month: August 2020
Book Review “Thinking in Bets”
This book is highly recommended for those who have a difficult time making decisions. We all do from time to time. But it is also more than just making decisions, the author discusses in depth how to handle some of the most difficult obstacles to wisdom: luck vs skill, rational vs. irrationality, judging vs objective, certainty vs. uncertainty and how to accept and learn from the results of our decisions when they turn out negative.
Since my blog is financial, the author skillfully explains the crucial differences between luck and skill, and certainty vs. uncertainty. Knowing those subtle differences are important to self-managing your portfolio.
A Financial Late-Bloomer’s Forced Journey to DIY
I have been a do-it-yourself (D.I.Y.) investor for over 25 years. I “do it myself” by managing my money without professional help because I was taken advantage of by an insurance agent. I had to learn to invest because it was my only choice. I was in my early 40s, finances and Wall Street were matters I was never interested in. But what a turnaround—I became involved because I was sold an expensive and inappropriate retirement product. This agent took full advantage of my financial naivete so she could get a $4000 commission. I vowed that will not happen again. But little did I know that my psychology background was a big advantage to becoming financially literate so much so that I became a DIYer. Many years later, I authored my story in two published personal finance books to warn others, and assist in becoming a D.I.Y.