I wrote the first version of this article quite a few years ago, now. Initially planned as some motivation for our members to harness the 'new start' feelings brought on by a new year, it also serves as something of a totem for investors all year round.
Not sure if you're doing it right? Have a read of this list, and get yourself back on the straight and narrow!
I have no idea where last year went, but here we are, with a clean sheet in front of us.
And while I'm not a 'resolutions' kinda guy, I make one exception — our Foolish New Year's Resolutions.
Yes, our job is to bring you market-beating ideas, but they're not much good to you if you're not saving regularly, investing well, and mentally and emotionally prepared.
So, as we do in our first communication each year, here are our 13 Foolish New Year's Resolutions, each designed to help you become a better investor in 2018 and beyond.
And a reminder: these resolutions won't necessarily ensure you beat the market this year, or even earn positive returns. 12 months is way too short a timeframe to expect to be right, every time.
Instead, they will help you learn to become a better investor, a pursuit that we're sure will deliver results — in spades — over your investing lifetime.
Foolish New Year's Resolutions
1) I will live below my means — spending less than I earn.
2) I will save money into a rainy-day fund so I'm ready for what life might bring.
3) I will pay off my credit card debt, and only spend what I can pay off within the interest free period each month.
4) I will regularly add to my investment account.
5) I will invest money I don't need for at least 3-5 years to build my nest egg.
6) I will learn more about investing, taking control of my financial future.
7) I will invest in quality businesses, buying a slice of the company, not just a code on a screen.
8) I will buy shares in a company with the intention of holding them for the long term.
9) I will sell when my investment thesis fails, the company is overvalued or I have a better idea.
10) I will avoid anchoring my decisions to the price I paid for my shares.
11) I will remember that the market can be moody and over-react, both on the upside and the downside.
12) I will expect volatility, and I won't let it spook me into selling. Indeed, volatility can offer me great opportunities!
13) I will let the market offer me prices (be my servant), not dictate my mood or actions (be my master).
The next year starts now
Fool on!
