I’m going to indulge for a moment in the old fable regarding the race between the tortoise and hare.
The hare is fast, spontaneous and impulsive. But it ultimately loses the race to the slow, steady and committed tortoise. It may seem boring and unglamorous to act like the tortoise, but the evidence shows that a steady, unspectacular approach to financial planning tends to do better over the long-term. It also has the advantage of fewer emotional peaks and troughs.
Be the tortoise! Take the time to formulate a long-term plan in collaboration with your spouse or partner. Then commit to executing that plan over the next few decades. Initially, the dark clouds of your financial obligations may seem overwhelming, but if you stay the course with a good plan the storm clouds will gradually dissipate, and the sun’s bright rays will glint off your prominent pillars.
On that cheerful note we’re ready to move on to discuss tracking our pillars (assets) over time.