Fuhgeddaboudit

Quite a few years ago I read a very helpful book called "The Wealthy Barber" (see below). It's the story -- a parable, actually -- about a young couple learning about personal financial management and investing. One of the tips author David Chilton throws out is to not pay attention to any of it. This turns out to be an extremely important part of the investing process.

When we focus on money, some of us just end up worrying about it. We're even inclined to put extra effort into worrying, resulting in extra stress and anxiety. The better approach is to work out a sound plan, set it in motion, and then forget about it. Step back and let the plan do its job so you can go off and attend to more interesting chores while the benefits accumulate in the background. 

This is an almost magical solution to the frustration of tracking the progress of things that move along slowly. For example, if I plant a tree today and then check on it daily, weekly or even monthly, I’ll drive myself nuts. If instead I check it only a few times a year, I’ll be a lot less anxious about it. Plus I’ll have a more realistic idea of how things are getting on. 

When you check on something constantly, it can be hard to perceive progress. Frequent checks can accentuate or obfuscate the ups and downs of your journey, and it can be hard to cope with the accompanying variability and uncertainty.

This investment/tree-planting angle occurred to me as I was practicing the bodhran. I set about eliminating a major obstacle to bodhran mastery, and that is speed. So I set up a practice card with my 'guaranteed to get-faster' program and then slipped it into my bodhran practice schedule. A few weeks later, as I practiced, I was intrigued with not only how smooth my stroke had become, but also how much speed I’d achieved in a relatively short time. And the key component to this admirable accomplishment? I didn’t pay attention. In fact, I barely acknowledged that I was working on speed. I just did the practice routine.

So if you want to track your progress while lessening anxiety, do it less often. Or maybe don’t do it at all! 

“It's arrogant to be too hard on yourself” - Barbara Sher

 

David Chilton, the Wealthy Barber: http://www.wealthybarber.com/ - A bit dated but still highly recommended.