tag:blogger.com,1999:blog-5465015914589377788.post7097418350994088367..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: Sticking to a PlanMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-5465015914589377788.post-32320768698774940922010-04-14T22:26:53.318-04:002010-04-14T22:26:53.318-04:00Understand why having a plan is a good idea. Unde...Understand why having a plan is a good idea. Understand the rationale behind every aspect of your plan. Believe every aspect of your plan represents an intelligent thing to do.<br /><br />If you understand what you are doing and if you believe it's a sound plan, then you can stick to it almost all the time.<br /><br />Throw together a plan - especially when someone else suggests it (for a fee) - then there's no reason to adhere to it.MarkWolfingerhttp://blog.mdwoptions.comnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-63020280054305181442010-04-14T12:29:39.505-04:002010-04-14T12:29:39.505-04:00I like the allocate and rebalance approach, but I&...I like the allocate and rebalance approach, but I'm afraid too many people might "rebalance" too often or misunderstand exactly what that means. They may actually develop a habit of changing their allocation rather than simply buying or selling securities to maintain their original allocation.Balance Junkiehttp://www.balancejunkie.comnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-78132132086684935822010-04-14T09:29:08.258-04:002010-04-14T09:29:08.258-04:00Big Cajun Man and Patrick: In some cases, I would...Big Cajun Man and Patrick: In some cases, I would say "don't adapt your plan". Patrick is probably right that there is no short way to convey the required message. No matter what is said there is a way for people to convince themsleves that they doing the smart thing when in fact they are acting out of fear or overconfidence.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-58949636095062511712010-04-14T09:20:01.501-04:002010-04-14T09:20:01.501-04:00Hi Michael,
There may be no equivalent sound-bite...Hi Michael,<br /><br />There may be no equivalent sound-bite suitable for true novices. If there were, it might sound like "educate yourself about investing before committing huge sums of money to your plan".Patrickhttps://www.blogger.com/profile/16816252455472704262noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-9298356484981366562010-04-14T08:53:43.404-04:002010-04-14T08:53:43.404-04:00Maybe it should be, "Set your goals and adapt...Maybe it should be, "Set your goals and adapt your plan as needed"? If the plan has goals, it might help, but it might also cause wild plan changes as well to attempt to get to the goal quicker.<br /><br />Set your parameters and stick to it?Big Cajun Manhttp://www.canajunfinances.comnoreply@blogger.com