Oprah can’t be wrong.
The Oprah Book Club’s best selling spiritual guru is Eckhart Tolle. With his soft German accent and professorial air, he gently extols training your mind to stay in the current moment. He encourages us to be mindful and stay in the present.
If you haven’t been keeping up with your feel good American daytime TV, Eckhart’s bestselling book is the “Power of Now” (https://www.eckharttolle.com/books/now/).
For investors I think someone should write a book called the “Power of NO”.
As in NO, don’t invest in it, don’t think about it, tell other people it’s not on your list of things to invest in… so “NO”.
A big source of stress in making investing decisions is wasting time and energy on areas you don’t have expertise in, but feel you should investigate.
Most people who have money to invest are inundated with opportunities: real estate, startups, friend’s restaurants, the latest hedge fund, a timeshare in Bora Bora…
The list goes on.
Many people I speak to are overwhelmed by these choices. They feel they should take a look as the proposal is from a friend or in the area of a hot new area (currently cryptocurrency).
I say what about a “No” list. Areas of investing that don’t really interest you or align with your goals.
Anytime, you spy something in your inbox that tempts you, look at your list. It’s easy, let the other person know that their offering is not within your circle of competence. It’s not personal, it’s just an area you don’t invest in.
When in doubt it’s OK to channel your inner Nancy Reagan and just say “No”.