Personal money management steps are simple and effective but the problem is it is hard to implement. Every people wants to save money but the only problem with them is how to do it. They very easily get distracted by all the fancy lifestyles around them or might be because of personal problems. Like I want to invest as much as possible but again it cannot happen because I have a lot of bills to pay and can save only a fraction of the money I make.
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Also, we often forget that personal finance is personal and thus every move which we make ideally should work only for us, there are no right or wrong decisions if you are progressing towards your goal. But the problem is it does not remain personal because we get influenced by the popular choices around us and get influenced by the influencer who does not know what is our current situation. We try to seek random opinions about what will work for us and what not and thus try to incorporate all of those in our portfolio.
The thing is we have to stick to a path and see how it goes, rather than run around to find a solution to a problem. Money management can be easy if done correctly but the problem is we often try to implement a solution which is not our problem altogether. There is no best portfolio, every portfolio is best if it serves the purpose of reaching the goal. No strategy which has worked in the past for others will work for you, might be you have to create a new strategy which will be better than others who know.
There is no guarantee in anything in life and the same with investing too. We need to course-correct as per the needs as well as situation, like portfolio rebalancing and others. We do not try to take action even though we know that is the best thing to do. I think if we know the basics that is a good start but again we should not wait to take it to the next step for portfolio management, rebalancing, de-risking, review and others. We just have to implement all the solutions for life to actually do well in our personal portfolio management.
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Nice post. All truely said. The race of financial survival is endless.
we just have to run that race to achive it
I agree with you brother
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The best strategy is the fisherman's strategy who cast the bait and is waiting, but, like us, he cannot control the process in full, only in part.
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Yes, seems like we have to do both
Yes, but it is possible if we look at time differently.
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