It was tough to grasp at first as I am educated in finance and have read volumes about investing and financial planning. However, we started to consider choices I have made in the past and present on my financial position, some were the worst decisions ever. In fact, I have had the thought that I have literally paid for my mistakes over the last couple of years. Everything from debt to bad real estate choices has occurred with more money being the only solution.
However, another concept I continue to look at is how timing and luck are always involved in the randomness of markets. I have so many examples to share from my good luck in starting to invest during the dotcom bubble to the bad luck buying my first property at the peak of the Housing bubble. I also recall my dumb choice of buying eToys at the peak of the dotcom bubble countered to the brilliance of buying bitcoin in 2016. The point is that there is never a clear cut way of seeing our decisions and being good or bad at the moment. Only time tells in hindsight!
The best we can do is approach these decision in rational ways knowing that irrationality will always be present like FOMO and FUD. My approach is to ensure no decision can impact my financial position whether it be by minimizing the size of the position or diversification from current holdings. For example, I am currently concerned about buying my new home for the family at another peak in home prices. However, it also serves as a hedge as being a renter exposes me to uncontrolled prices in inflationary times. As mentioned, only time will tell!
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