Do you often find yourself chasing after the next shiny object? More often than not, when better opportunities present themselves, we tend to hop right onto the bandwagon without really knowing whether it can help you achieve your goals or not. However, by setting your plans in stone, you never have to worry about getting off track with your success journey.

In this Focus of the Month episode on Investment Planning, we focus on why everybody has a plan until they get punched in the mouth and how missing out on the new hot thing, taking losses, or just making bad decisions all hit you as an investor. In this episode, we discuss why an Investment Policy Statement or IPS is easy to stick to when the economy and investments are goldilocks, harder when it is really cold or really hot. Why investing is always feeling like I should ‘do something!’ to take advantage of ever-better opportunities and how to combat that feeling. We also talk about why if you want to have money to be tactical in the short term, set it aside in your IPS and your allocation. Don’t decide to change big pieces of your strategy on the fly.

This episode may be short, but the value you get from it is plentiful. Tune in now!

Resources:

 

• Destiny Capital (https://www.destinycapital.com)

What’s Discussed in This Episode:

1. What is an investment plan and why do you need one [01:12]
2. Tying your investment plan to your goals [03:20]
3. Using the IPS to fight the feeling of ‘should do something’ [04:57]
4. Sticking to your plan regardless of the situation [05:52]

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